MTN gets reduced fine of $1.671 billion from Nigerian authorities
The original fine of $5‚2-billion levied against MTN for failing to unregister phone lines before a deadline set by a Nigerian regulator has been reduced to $1.671-billion‚ the company said on Friday. “Further to the various announcements to shareholders regarding this matter‚ MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria (FGN)‚” a statement said.“MTN Nigeria has agreed to pay a total cash amount of Naira 330-billion over three years (the equivalent of $1.671-billion at the official exchange rate and $902-million at the Lagos Parallel Market Rate) to the FGN in full and final settlement of the matter payable as set out hereunder‚” it added.“The Naira 50-billion paid in good faith and without prejudice by MTN Nigeria on 24 February 2016 forms part of the monetary component of the settlement leaving a balance of Naira 280-billion outstanding.” TMG Digital..
There’s never been a more important time to support independent media.
From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.
For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.
Already subscribed? Sign in below.
Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.