MTN agrees to pay $1.7 billion fine to FG

Following a fine of $3.9 billion slammed on MTN last year, the South African Telecom giant entered a negotiation with the Federal Government.

They both have finally reached an agreement today. The South African giant telecommunication company will be paying the Federal Government a sum of $1.7 billion dollars.

Read Also: Former President Jonathan’s cousin & wife gets N1 billion bail.

According to the Telecome executive chairman, Mr. Phuthuma Nhleko, “MTN Nigeria has agreed to pay a total cash amount of Naira 330 billion over three years.

“We are pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria. We expresses thanks and gratitude to (the government) for the spirit in which the matter was resolved.”

“The concern of the federal government was basically on the security, not the fine imposed on the MTN.

“You know how the unregistered GSM (Global System for Mobile communication) are being used by terrorists. That was why NCC (Nigerian Communications Commission) asked the MTN, Glo and the rest of them to register GSM.

“Unfortunately MTN was very slow and contributed to the casualties.”

The fine slammed on MTN was part of the reasons Jacob Zuma visited Nigeria earlier in the year. Recall that South Africa is still holding on to a stash of cash they ceased from a botched arms purchase.

Read Also: Tiwa Savage enters Beyonce’s circle, signs deal.

Nigerian Communications Commission (NCC), the country’s telecoms regulator, issued the fine last year due to inability to trace users in a country beleaguered by recurrent kidnappings, insurgencies and theft.