MTN Nigeria on Friday announced it has reached a final resolution on the N1.04 trillion fine imposed by the Nigeria Communications Commission (NCC) in October 2015.
The telecom firm was fined $3.9 billion by the regulatory authority over its refusal to disconnect 5.1 million improperly registered lines within the prescribed deadline.
After several weeks of negotiation, MTN in a statement said an agreement had been reached with the Federal Government and the terms are acceptable to all parties.
“MTN Nigeria has agreed to pay a total cash amount of N330 billion over three years.
“MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria,” MTN Nigeria Chief Executive Officer, Ferdi Moolman, said in a statement.
Aides the monetary settlement, Moolman said MTN Nigeria would commit to complying with the Code of Corporate Governance for the telecommunications industry.
According to him, MTN Nigeria would also take steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as is commercially and legally possible as well as ensure full compliance of its license terms and conditions as issued by the NCC.
“MTN Nigeria once again offers its most sincere apologies for the series of unfortunate events that led to the imposition of the fine,” Mr. Moolman said.
“MTN executive chairman Phuthuma Nhleko “expresses his thanks and gratitude to (the Nigerian government) for the spirit in which the matter was resolved,” he added.
Written by Olufunke Edidi
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