MTN Pays N30b In Part Settlement Of N330b Nigerian Govt. Fine


MTN Pays N30b In Part Settlement Of N330b Nigerian Govt. Fine MTN Pays N30b In Part Settlement Of N330b Nigerian Govt. Fine
MTN has made a payment of 30 billion naira ($98 million) to the Nigerian government in part settlement of a 330 billion naira fine imposed on the telecoms group for not disconnecting unregistered SIM cards, an MTN source told Reuters on Thursday.

Africa’s largest telecoms company has already paid 80 billion naira of the total amount owed, the source said. The fine is due for payment in six instalments over three years, MTN has said.

MTN Nigeria was originally fined $5.2 billion last October for failing to deactivate more than five million unregistered SIM cards, but the fine was reduced in a settlement that paved the way for MTN to list its subsidiary on the Nigerian Stock Exchange.

Nigeria has been cracking down on unregistered SIM cards, concerned that they are used for criminal activity in a country fighting an insurgency by Islamist militant group Boko Haram.

MTN, which operates in 20 countries, had set aside $600 million last year to pay the fine. ($1 = 305.45 naira)

 

CLICK HERE TO READ MORE FROM: Business Visit website


view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

Displaying of