• Contact Us
  • About Us
Tuesday, June 24, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home News

MTN ‘pays another N30bn’ to FG

metro by metro
March 31, 2017
in News
0
MTN
0
SHARES
0
VIEWS

MTN has remitted N30 billion to the federal government in part settlement of a N330 billion fine imposed on the telecoms group for not disconnecting unregistered SIM cards, Reuters said quoting a source.
Having paid N80 billion in December, the current payment brings the amount paid out of the fine to N110 billion.
The fine is due for payment in six instalments over three years, MTN.

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.

MTN, which operates in 20 countries, had set aside $600 million last year to pay the fine.

Two months after making the first payment from the fine, MTN Group declared its first full-year loss, blaming it on the fine.

Negotiations on payment of the fine lasted eight months, which saw both parties going in and out of the courts.

Tony Ojobo, spokesman of the Nigerian Communications Commission (NCC), had disclosed the terms of settlement last year.

Ojobo said by the terms of agreement, the money will be made in six tranches. He gave the breakdown as: N30 billion into NCC’s treasury single account (TSA) with the Central Bank of Nigeria (CBN) 30 days from June 10, 2016 (it has been paid).

He said other dates and amounts of the agreements were: March 31, 2017 (N30Billion)  which has just been paid, March 31, 2018(N55Billion), December 31, 2018 (N55Billion), March 31, 2019 (N55Billion) and May 31, 2019 (N55Billion)

Read Also

Deportation Of Migrants By Trump Outside Own Countries Resumes As Supreme Court Lifts Order

Amid Foggy Circumstances, Trump Says Israel, Iran Agree On Ceasefire Deal

Obasanjo, Other Eminent Nigerians Honour Pastor Sylvester Ebhodaghe At 50

Previous Post

There is Adequate Forex for PTA, BTA, Tuition & Medical Fees

Next Post

Top member of Boko Haram surrenders

Related Posts

Trump
News

Deportation Of Migrants By Trump Outside Own Countries Resumes As Supreme Court Lifts Order

June 24, 2025
Amid Foggy Circumstances, Trump Says Israel, Iran Agree On Ceasefire Deal
News

Amid Foggy Circumstances, Trump Says Israel, Iran Agree On Ceasefire Deal

June 24, 2025
Obasanjo, Other Eminent Nigerians Honour Pastor Sylvester Ebhodaghe At 50
News

Obasanjo, Other Eminent Nigerians Honour Pastor Sylvester Ebhodaghe At 50

June 23, 2025
APC Plots To Capture Kano, May Replace Shetima With Kwankwaso As Tinubu’s Running Mate For 2027
News

APC Plots To Capture Kano, May Replace Shetima With Kwankwaso As Tinubu’s Running Mate For 2027

June 22, 2025
Next Post

Top member of Boko Haram surrenders

Trump

Deportation Of Migrants By Trump Outside Own Countries Resumes As Supreme Court Lifts Order

June 24, 2025
SEC’s Directive Barring INEDs From Executive Role, Others, Unsettles Markets

SEC’s Directive Barring INEDs From Executive Role, Others, Unsettles Markets

June 24, 2025
Amid Foggy Circumstances, Trump Says Israel, Iran Agree On Ceasefire Deal

Amid Foggy Circumstances, Trump Says Israel, Iran Agree On Ceasefire Deal

June 24, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version