SIM Registration: MTN pays N235bn fine

METRO PLUS

Many feared dead as explosion rocks Benue community [PHOTOS]

Scores have been reportedly killed in a fuel tanker explosion at the Amoke village of Apa Local Government Area in Benue State.

Osun: One dead, children, others injured as masquerades attack Muslims

At least, one person has been confirmed dead while about 12 persons, including children sustained gunshot injuries in a clash that ensued...

4 confirmed dead after car hit six pedestrians in Yola

Four pedestrians have been confirmed dead and two others injured after a car hit them around the Adamawa State capital, Yola.

Two rescued, 12 abducted in Kaduna community

Kaduna Police Command has rescued two persons, while 12 others were abducted by bandits in Kachia local government area of Kaduna State.

Man sets in-law’s house ablaze in Jigawa

A 40-year-old man, Ibrahim Musa has set his in-law’s house ablaze at Kuzoyara village, Birniwa local Government area of Jigawa State.

MTN Nigeria Communications Limited has paid a total of N235bn out of the N330bn fine imposed on the mobile telecommunications operator in August 2015 by industry regulatory agency, the Nigerian Communications Commission.

Executive Vice Chairman at NCC, Prof Umar Danbatta, confirmed this in an interview with journalists in Abuja on Tuesday on the sidelines of a valedictory press briefing by the Minister of Communications, Mr Adebayo Shittu.

Danbatta said emanating from the major industry dispute, Nigerians now had the opportunity to own part of the mobile telecommunications network following the public listing of the company on the Nigerian Stock Exchange last Thursday.

The NCC boss said, “We have succeeded in empowering Nigerians to own, control and manage one of the dominant telecommunications companies in the country by MTN listing on the Nigerian Stock Exchange.

“This is arising from the settlement agreement reached with MTN through the payment of N330bn to the government coffers of which they have paid N235bn thereby remaining the last tranche.

“MTN has been listed on the NSE and Nigerians can now buy shares and through this Nigerians will be financially empowered and socially transformed.”

NCC had in October 2015 imposed a fine of N1.04tn on MTN for irregular registration of 5.2 million subscribers.

However, after prolonged negotiation with both the regulatory agency and the Federal Government, the company had the fine reduced to N330bn.

Public listing was one of the conditions arrived with the telecommunications company originating from South Africa before the Federal Government agreed to reduce the penalty to N330bn.

It also agreed to spread the payment of the fine in tranches over a period of three years.

For the telecommunications company, the road to public listing had been bumpy but the pledge was fulfilled last week when more than 20 billion shares of the company were listed on the Nigerian Stock Exchange at N90 per share.

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

Read Also

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Group urges Anambra govt to fully implement anti-open grazing law

The Civil Liberties Organisation (CLO), Anambra chapter, has urged the state government to ensure full implementation of the newly signed anti-open grazing...

Crisis as Ogun indigenes reject installation of Lagos Senator as Aremo Oba Yewa

Plans by the Olu of Ilaro and Paramount Ruler of Yewaland, Oba Kehinde Olugbenle, to install the Lagos West Senator, Olamilekan Adeola,...

PDP wins rescheduled Zango Kataf LG poll in Kaduna

The Peoples Democratic Party (PDP) Chairman in Zango Kataf Local Government Area of Kaduna State, Mr. Francis Zimbo, has won the rescheduled...

Gani Adams reacts as gunmen attack Oyo correctional facility, set prisoners free

The Aare Ona Kankanfo of Yorubaland, Gani Adams, has condemned the attack on the Oyo State correctional facility. Tribunepoint...

Oyo prison attack: FG provides update on inmates recaptured, others

The Federal Government on Saturday said that security operatives have recaptured some of the inmates who escaped from the Medium Security Custodial...