MTN Agrees To Pay N1.04trn Fine

MTN has finally bowed to pressure as it has accepted to pay the N1.04 trillion fine slammed on it last week by the telecoms regulatory authority, the Nigerian Communications Commission (NCC).

This follows series of meeting held between MTN management team from South Africa and Nigeria with the Vice President, Prof. Yemi Osinbajo.

Industry sources who confirmed the new arrangement, disclosed that the federal government is already yielding to the plea, which according to him, was part of the agreement reached at the series of meeting held at the weekend in Nigeria.

“There have been series of meeting at the Presidency between the Vice President Osinbajo and MTN team both from South Africa and the Nigerian arm. MTN wanted a waiver considering their level of investments in the country, but government did not buy the idea of waiver. Instead, I think there will be concession, but certainly not a waiver. At the conclusion of the meeting, the MTN people negotiated on how to stagger the payment. The Presidency is even angry because MTN was a signatory to the regulation, but they are failing to comply with rules.”, the source added.

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Recall that NCC had said that MTN would not escape the fine, owing to the enormity of its implication to national security.