Nigerian regulator says MTN has paid N235 billion out of the N330 billion record fine

The Nigerian Communications Commission (NCC) on Monday said MTN Nigeria has paid N235 billion out of its record fine.

Prof Umar Danbatta, NCC's vice chairman at the Valedictory Press Conference Of Adebayo Shittu in Abuja, Monday, May 21 (Twitter/Dr Adebayo Shittu)

According to PUNCH, Prof Umar Danbatta, NCC's vice chairman, confirmed the figure to newsmen in Abuja, the nation's capital.

Danbatta said with the payment of N235 billion, the telecom firm is now left to pay the last tranche of the fine.

We have succeeded in empowering Nigerians to own, control and manage one of the dominant telecommunications companies in the country by MTN listing on the Nigerian Stock Exchange.

“This is arising from the settlement agreement reached with MTN through the payment of N330bn to the government coffers of which they have paid N235bn thereby remaining the last tranche.

“MTN has been listed on the NSE and Nigerians can now buy shares and through this Nigerians will be financially empowered and socially transformed,” the medium quoted him as saying.

MTN Nigeria incurred a record $5.2 billion fine in October 2015 over their failure to deactivate 5 million unregistered SIM cards in 2015.

After a series of diplomatic negotiations, the government reduced the fine to $1 billion (N330 billion), payable over the three years on the terms that MTN enlists on the Nigerian Stock Exchange (NSE).

The first payment of N33 billion was made on March 31, 2017, while the second tranche was paid last year.

The telecom firm has also fulfilled his part by listing on the Nigerian Stock Exchange.

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