Technology

N330bn Fines: MTN Pays Another N165bn, As Nigeria’s Telecoms Subscribers Hit 120m

Leading Telecommunications company, MTN has paid another N165 billion out of the N330 negotiated fine imposed on it by the Nigerian Telecommunications Company (NCC).

Executive Vice Chairman of the NCC, Prof Umar Garba Danbatta, who stated this on Thursday in Abuja, said that the Federal Government was carefully studying options in handling another $8.5billion fine imposed on the same company, MTN by the Central Bank of Nigeria (CBN).

Prof Danbatta said at a gathering in Abuja that the Federal Government was not opposed to the adoption of amicable settlement of the contentious issues.

His disclosures came on the heels of another revelation that the nation’s telecoms subscribers have hot the 120 million mark.

Prof Danbatta, who made the disclosure said that the number of internet subscribers also rose to 108 million from 107.5million in October.

He equally said that as at November about 59 million Nigerians subscribed to broadband service, while broadband penetration stood at 30.9 per cent.

He said that investments in the telecoms sector have grown “from a mere $50million in 2001 to over $70billion as at September 2017,” adding that the NCC intervened positively in the 9mobile crisis to save over 2,000 jobs and protect the investment.

The NCC, EVC said: “That has since been settled. The MTN fine that NCC did has since been settled. As I am talking to you, there is a Settlement Agreement with MTN according to which MTN will pay N330 billion.

“They are busy paying. So far, they have paid 50 per cent of this amount meaning that they have paid N165billion to the coffers of the government.

“And they will be paying the next tranche in December this year. So, the fines have since been settled a long time ago. Aren’t you aware?”

On the $8.5billion issue, Danbatta said it was an issue between the Central Bank of Nigeria( CBN) and MTN.

Credit: Nigerian Tribune

Related Posts

Leave a Reply