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MTN Pays Off Final Installment Of N55 Billion To NCC

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Leading Information and Communications Technology (ICT) company, MTN Nigeria Communications Plc (“MTN”), said it has paid the sixth and final installment of N55 billion to the Nigerian Communications Commission (“NCC”). This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016.

According to MTN’s Chief Corporate Relations Officer, Tobechukwu Okigbo, the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

“We are very pleased to have completed the payment of the N330 billon negotiated settlement with the NCC. We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes. I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

It will be recalled that the NCC on October 20, 2015, imposed a fine of N1.04 trillion on MTN for infraction of the provision of the NCC Telephone Subscribers Registration Regulations 2011; for failure to disconnect 5.2 million improperly-registered Subscriber Identification Modules (SIM) lines within the prescribed deadline, because these lines had economic activities on them without proper registration.

After six months of negotiation and re-negotiation over the fine which led to the reduction to N330 billion, it was agreed that MTN would pay a balance of N280 billion in six tranches. This was in addition to the “goodwill” payment of N50 billion earlier made by MTN to the government

Specifically,   MTN began the payment structure with the payment of N30 billion 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.

Subsequently, MTN paid N30 billion on March 31, 2017; N55 billion on March 31, 2018; N55 billion on December 31, 2018, and on March 31, it paid N55 billion.

The balance and final tranche of the payment will be paid by May 31, 2019, in line with the structure of the staggered payments agreed by MTN and the Nigerian government.

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