MTN has paid 275bn SIM infraction fine — NCC
, in line with the staggered payments structure agreed by MTN and Nigerian government.
It will be recalled that the NCC on October 20, 2015, imposed a fine of N1.04 trillion on MTN for infraction of the provision of the NCC Telephone Subscribers Registration Regulations 2011;
For failure to disconnect 5.2 million improperly-registered Subscriber Identification Modules (SIM) lines within the prescribed deadline, because these lines had economic activities on them without proper registration.
He said that in the agreement reached by the parties involved in a way to avoid decision likely to cripple business interest of the operators the commission regulates.
It was also agreed that MTN shall apologise to Nigerians, subscribe to the compulsory observance of Code of Corporate Governance for Telecoms Industry; as well as undertake immediate steps to ensure its listing on the NSE.
Danbatta also said the commission had succeeded in empowering Nigerians “to control, manage and own telecommunications companies in Nigeria by owning shares in MTN Nigeria.”
He explained that, through the MTN’s listing on the NSE, the commission had translated into action, an important function which is to promote local investment and ownership in the telecom sector.
According to him, “MTN listing on the stock exchange, we have given reality to that important function of the commission.
“Through this listing, Nigerians will be empowered to control, own and manage one of dominant telecommunications companies in the country.
“With MTN shares available in the capital market, Nigerians will buy shares and by purchasing the shares of MTN, they will be financially empowered and be socially transformed.
“We consider this a very important milestones in translating the function of the Commission into reality, as enshrined in the Nigerian Communications Act 2003.”
Edited by Wale Ojetimi