Home NEWS MTN Pays another N30 Billion to the Federal Government out of it’s...

MTN Pays another N30 Billion to the Federal Government out of it’s N330 Billion Fine.

As part settlement of a N330 billion fine which was imposed on MTN, for not disconnecting unregistered SIM cards, the telecommunications company has remitted N30 billion to the federal government.

According to Reuters, a source from MTN shared the information.

In October 2016, MTN Nigeria was fined $5.2 billion for failing to deactivate more than five million unregistered SIM cards.

Subsequently, the fine was reduced in a settlement that paved way for MTN to list its subsidiary on the Nigerian Stock Exchange.

MTN had already paid N80 billion in December which makes it N110 billion now.

The fine is to be paid by MTN in six installments over three years.

The MTN Group had declared its first full-year loss just two months after making the first payment of the fine.

The spokesman of the Nigerian Communications Commission (NCC), Tony Ojobo disclosed the terms of the settlement last year.

According to him, the money will be paid in six installments. He said N30 billion was to be paid into NCC’s treasury single account (TSA) with the Central Bank of Nigeria (CBN) 30 days from June 10, 2016, which were paid.

The other dates and amounts of the agreements were:
March 31, 2017 (N30Billion) which has just been paid.

March 31, 2018 (N55Billion),

December 31, 2018 (N55Billion),

March 31, 2019 (N55Billion) and

May 31, 2019 (N55Billion).