Wednesday, February 24, 2016

N780bn fine: MTN pulls back suit against NCC, pays N50bn from fine



Information transfers organization, MTN has pulled back its suit against the Nigerian Communications Commission (NCC) and has paid N50 billion from the N780 billion fine, The Cable reports.

NCC, Nigeria's telecom administrative body had fined MTN N1.04 trillion for neglecting to deactivate 5.1 million unregistered SIM cards. After much advance, the fine was lessened to N780 billion. Unsatisfied with the decrease in the fine, MTN recorded a suit against NCC on Dec. 31st 2015.

By explanation by MTN, the whole of N50bn was paid to the central government "as a signal of good confidence and responsibility to proceeded with endeavors towards a neighborly determination".

MTN Nigeria's CEO, Ferdi Moolman, while talking on the new improvement, said

"This is a most promising advancement. It exhibits a readiness and truthfulness by both sides to cooperate towards a positive result. We are confident at this stage. Alongside the powers, it is clear that we are on the whole dedicated to working towards an answer that is of shared advantage to all gatherings. Our industry in Nigeria is a staggeringly imperative case of the striking advancement in ICT especially as an abundantly required impetus for financial development and improvement as of now."