MTN
has reached an agreement with the Nigerian government over the hefty fine the
Nigerian Communications Commission (NCC) slammed on the network last year.
MTN
in a statement made available to Innovation Village said it
has agreed to pay N330 billion over three years (the equivalent of $
1.671 billion(N332bn) at the official exchange rate and $902 million(N180bn) at
the Lagos Parallel Market Rate) to the Nigerian government in full and final
settlement of the matter payable as set out as follows:
- Naira 30
billion on 8 July 2016
- Naira 30
billion on 31 March 2017
- Naira 55
billion on 31 March 2018
- Naira 55
billion on 31 December 2018
- Naira 55
billion on 31 March 2019
- Naira 55
billion on 31 May 2019
MTN
has also agreed to take immediate steps to ensure the listing of its
shares on the Nigerian Stock Exchange as soon as commercially and legally
possible after the date of execution of the settlement agreement. The network
also promised to always ensure full compliance with its license terms and
conditions as issued by the NCC.
We
express thanks and gratitude to the FGN for the spirit in which the matter was
resolved and believes this is the best outcome for the Company, its
stakeholders, the FGN and the Nigerian people and that the relationship between
MTN, the FGN and the NCC has been restored and strengthened, said MTN Group
Executive Chairman, Phuthuma Nhleko .