N1.04trn: MTN Finally Settles Infraction Debt

N1.04trn : MTN  Finally Settles Infractions Debt
By Olabisi Olaleye
Dominant operator, MTN Nigeria Communications Plc,  has finally paid off the negotiated settlement of the sixth and final installment of N55 billion to the Nigerian Communications Commission (NCC).
This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and itself in 2016.
Commenting on the payment, MTN’s Chief Corporate Relations Officer, Tobechukwu Okigbo, said the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.
“We are very pleased to have completed the payment of the N330 billon negotiated settlement with the NCC. We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes. I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”
Recall that MTN and the NCC reached a negotiated settlement in relation to the fine of N1.04 trillion imposed on MTN in October 2015 as a result of a dispute over the disconnection of unregistered SIM cards amongst its subscriber base.
MTN took NCC to court and later withdrew the case and opted for settlement and agreed to pay the N330 billion in installments.
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, leaving it with a balance of N55 billion, which was meant to be paid on or before May 31 deadline.