MTN Nigeria PLC has, so far, paid N275 billion of the N330bn SIM infraction fine slammed on it by the Federal Government in 2015, the Nigerian Communications Commission (NCC) has said.
The South African telecommunications company will now pay the remaining N55bn by end of this May, the NCC said in a statement yesterday.
The fine was originally put at N1.04 trillion but reduced to N330 billion and in staggered payment arrangement, as a result of negotiation from both sides.
Also, part of the fallout of the negotiated terms of payment of the fine is the listing of MTN on the Nigerian Stock Exchange (NSE), which was done last week.
What this means, according to the staggered arrangement, is that May 31, 2019 would be the deadline for the telecoms company to pay the sixth and final tranche of the balance of N55 billion.
Specifically, MTN began the payment structure with the payment of N30 billion into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) 30 days from the date of the agreement dated June 10 2016.
Subsequently, MTN paid N30 billion on March 31, 2017; N55 billion on March 31, 2018; N55 billion on December 31, 2018 and on March 31, it paid N55 billion.
It will be recalled that the NCC on October 20, 2015, imposed a fine of N1.04 trillion on MTN for infraction of the provision of the NCC Telephone Subscribers Registration Regulations 2011; for failure to disconnect 5.2 million improperly-registered Subscriber Identification Modules (SIM) lines within the prescribed deadline, because these lines had economic activities on them without proper registration.
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