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Nigeria: MTN pays second tranche of $1.7bn fine

Nigeria: MTN pays second tranche of $1.7bn fine
  • Comments   -   Friday, 31 March 2017 - 14:43

(Ecofin Agency) - MTN Nigeria has paid the second tranche of the $1.7 billion fine it was imposed by the regulatory authority of the telecom sector for failing to deactivate unregistered SIM cards last year.

According to a source at MTN, the firm made a payment of $98 million to the Nigerian government. The source noted that MTN Nigeria had before now paid N80 billion ($253.9 million) out of the total sum owed. The fine is expected to be paid in six instalments over three years.

In October 2016, the Nigerian unit was initially fined $5.2 billion for failing to disconnect over five million unregistered SIM cards. However, the fine was later reduced after an agreement according to which MTN Nigeria’s parent company to list its subsidiary on the Nigerian Stock Exchange (NSE).

Nigeria has set punitive restrictions on unregistered SIM cards in the country with the concerned that they are being used for criminal activity.

Anita Fatunji

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