We Have Paid N50 Billion To NCC – MTN

That money big oooo.....hehehe....MTN Group appears to have paid about N50 billion out of the N780 billion fine imposed on it by the Nigerian Communications Commission (NCC). The company, in a statement, explained that the payment was made “on the basis that this will be applied toward a settlement, where one is eventually, hopefully arrived at.MTN also agreed to withdraw the matter from the High Court in Lagos to achieve an “amicable settlement.“In renewed steps towards a negotiated settlement and to create a conducive atmosphere for further negotiations, MTN Nigeria today withdrew its case against the NCC at the Federal High Court of Lagos in response to a request by the authorities.“MTN Nigeria
has paid N50 Billion to the Federal Government as a gesture of good faith and commitment to continued efforts towards an amicable resolution”, the statement added.Meanwhile, the Special Assistant to the Minister of Communications, Mr Victor Oluwadamilare, in a telephone interview, said the ministry cannot ascertain the claimed payment from MTN Nigeria.The company’s stock has declined 31 percent since the fine originally set at $5.2 billion was made public in October last year.The NCC had imposed a N1.04 Trillion fine on MTN Nigeria in October 2015, for its failure to disconnect 5.1 Million improperly registered lines within the prescribed deadline.The fine was adjusted by 25% to N780 billion, an amount that was considered inimical to the survival of the business.