FG slashes MTN fine by N450bn, mandates listing on NSE

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After nearly six months of negotiation and re-negotiation over the N1.04Trillion fine imposed on MTN by the Nigerian Communications Commission (NCC) the fine was Friday, reduced to N330billion.

This amount includes the “goodwill” payment of N50Billion earlier made by MTN to the government.

The balance of N280Billion will be made in six tranches in the following order: By the terms of agreement, MTN will pay N30Billion into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) 30 days from the date of the agreement dated June 10, 2016.

Other dates of payments include:

March 31, 2017          -       N30Billion;

March 31, 2018          -       N55Billion;

December 31, 2018  -       N55Billion;

March 31, 2019          -       N55Billion and the balance will be in

May 31, 2019              -       N55Billion

The agreement and resolutions were signed by Executive Vice Chairman (EVC) of NCC, Prof. Umar G. Danbatta, NCC Commission Secretary, Mr. Felix Adeoye, Chief Executive of MTN, Fredinand (Fredi) Moolman and MTN’s Company Secretary, Mrs. Uto Ukpanah, and witnessed by Mr. Tony Ojobo, NCC, Director, Public Affairs; Mr. Usman Malah, Chief of Staff to the EVC, NCC; Ms Helen Obi, Assistant Director, Legal, NCC and Ms. Amina Oyagbola, Corporate Executive, MTN, according to a statement by NCC on Friday.

"It was also agreed that MTN shall undertake the followings:

"Tender an apology in line with the apology previously tendered in correspondences relating to this matter to the Government of Nigeria and Nigerians within the one month of the execution of this agreement;

"Subscribe to the voluntary observance of the Code of Corporate Governance for the Telecoms Industry and would ensure compulsory compliance when the said Code is made mandatory for the telecommunications industry; and

"Undertake to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of this Settlement Agreement", the statement said.Daily Trust

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