FG confirms MTN’s N50bn as part payment

The Federal Government has confirmed the payment of N50 billion by MTN as part payment of the N1.04 trillion fine by the Nigerian Communications Commission, NCC. Confirming this to newsmen yesterday, the Special Assistant to the Minister of Communications, Mr. Victor Oluwadamilare, said the payment by telecom company was made with a precursor for an out of court settlement over the matter.

The Nigerian telecom operator, MTN Nigeria had on Wednesday announced the payment of $250 million as part of the N1.04 trillion fine imposed on it by industry regulator.

It will be recalled that the NCC had in October 2015, slammed a fine of N1.04 trillion on MTN for its failure to deactivate over 500,000 unregistered subscribers after series of warning had were issued by the regulator to terminate them.