More Africa NewsNigeria: MTN has until May 31 to pay the final installment of its fine in 2015

May 24, 2019by myles

Mobile operator MTN Nigeria has until 31 May 2019 to pay the final tranche of the fine of 330 billion naira (US $ 1.65 billion) paid in October 2015 for violation of mobile identification guidelines; or 55 billion nairas.

Originally, the total fine was 5.2 billion US dollars. But after many negotiations, MTN had managed to reduce it to 3.9 billion US dollars and finally to 1.65 billion US dollars after having paid a first payment of 50 billion naira (250.77 million US dollars) to show its good faith, made the commitment to settle the rest in six installments and agreed to introduce a portion of its capital on the stock market.

Of the 280 billion nairas already paid, MTN had first paid 30 billion naira to the account of the NCC, then 30 billion naira March 31, 2017 on the account of the Treasury. Then, the telecom company paid 55 billion nairas on March 31, 2018; 55 billion naira on 31 December 2018 and 55 billion naira on 31 March 2019.

With this latest payment expected, added to the IPO on May 16, 2019, the company MTN Nigeria has kept all its commitments and can put once and for all behind her, her 2015 conflict with the government.

Source: Agence Ecofin

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