NCC Gives MTN Nigeria A May 31 Deadline To Settle Balance Of Multi-Billion-Dollar Fine
In a statement that was issued recently, the regulatory agency stated that MTN had paid over $76bn, leaving a balance of $15bn that must be paid by the end of May.
The NCC added that it had been agreed in June 2016 that MTN would pay the fine off in six instalments. Subsequently, MTN has since made payments of five instalments towards the fine and now is left with one last remaining amount (due on May 31) to settle the debt.
On October 20, 2015, the NCC imposed the hefty fine on MTN for violation of the NCC Telephone Subscribers Registration Regulations 2011; alleging that the mobile giant had failed to disconnect 5.2 million illegally-registered SIM cards within the prescribed deadline, because the SIM cards had economic activities on them even though they were not properly registered.
In an effort to avoid making a decision that was likely to cripple MTN’s Nigerian business, the two parties involved agreed that MTN would apologise to Nigerians, abide by the country’s compulsory observance of Code of Corporate Governance for its telecoms industry as well as take immediate steps to ensure its listing on the Nigerian Stock Exchange.
Credit: This article originated from www.nigeriacommunicationsweek.com.ng