MTN, NCC Reach Final Agreement over Fine

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 .