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Nigeria: MTN pays last tranche of 2015 $1.6 bln fine

Monday, 03 June 2019 17:59
Nigeria: MTN pays last tranche of 2015 $1.6 bln fine

(Ecofin Agency) - On May 31, 2019, MTN Nigeria paid the whole $1.6 billion fine it received in 2015 for not deactivating 5.1 million unregistered sim cards. The operator has indeed paid the NGN55 billion, which is the sixth and last tranche of these payments started in 2016.

According to chief corporate relations officer of MTN Nigeria Tobechukwu Okigbo, the “successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.” Let’s note that it required six months of negotiations to come to terms for periodic payment of this fine and its reduction from $5.2 billion to $3.9 billion and finally to $1.6 billion.

The first tranche of this payment (NGN50 billion) was made to the Nigerian public treasury as a good faith deposit in June 2016. It was followed by NGN30 billion paid on March 31, 2017, NGN55 billion on March 31, 2018, and NGN55 billion on December 31, 2018.





 
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