MTN Nigeria has paid the second installment of N30 billion ($98 million) as part payment to the Federal Government, of the N330 billion fine imposed on it by the Nigerian Communications Commission (NCC) for failing to disconnect about 5.1 million unregistered SIM cards.
The company, which was originally fined $5.2 billion (N1.04 trillion) in October 2015, had the NCC slash the fine to N330 billion, after consultations that lasted for over eight months. The NCC also agreed a staggered payment arrangement which will last till May 31, 2019.
So far, MTN has paid N80 billion of its total fine. It paid N50 billion last year, as “goodwill” payment to show the NCC that is was serious, and then N30 billion today.
Here is MTN’s scheduled payments
- MTN is expected to pay a further N30 billion on March 31, 2018;
- Another N55Billion on December 31, 2018;
- A further N55 billion on March 31, 2019 and
- The final N55 billion on May 31, 2019.
Asides from the payment, MTN, Africa’s largest telecommunications company, was billed to enlist its subsidiary, MTN Nigeria, on the Nigerian Stock Exchange.