NCC – Mtn To Pay N330bn Over Sim card fine

NCC - Mtn To Pay N330bn Over Sim card fine

After several months of negotiation and re-negotiation over the N1.04 trillion fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC) for flouting the simcard registration directive, the telecommunications giant yesterday agreed to pay the sum of N330 billion ($1.671 billion) to the commission.
This amount includes the “goodwill” payment of N50b billion earlier made on February 24, 2016 by MTN to the government, while the balance of N280 billion will be made in six tranches.
By the terms of agreement, MTN will pay N30 billion into NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN) 30 days from the date of the agreement dated June 10, 2016.
This leaves a balance of N280 billion outstanding, which will be discharged as follows: N30 billion on 8 July 2016; N30 billion on 31 March 2017; N55 billion on 31 March 2018; N55 billion on 31 December 2018; N55 billion on 31 March 2019 and N55 billion on 31 May 2019.
The seven page agreement and resolutions were signed by executive vice chairman (EVC) of NCC, Prof. Umar G. Danbatta; NCC commission secretary, Mr. Felix Adeoye; CEO of MTN Nigeria, Ferdinand Moolman and MTN’s company secretary, Mrs. Uto Ukpanah, and witnessed by Mr. Tony Ojobo, NCC, director, public affairs.
Others are Mr. Usman Malah, chief of staff to the EVC, NCC; Ms Helen Obi, assistant director, Legal, NCC and Ms. Amina Oyagbola, corporate executive, MTN.
It was also agreed that MTN shall undertake the following: tender an apology in line with the apology previously tendered in correspondences relating to the matter to the Government of Nigeria and Nigerians within one month of the execution of the agreement.
Others are that MTN should subscribe to the voluntary observance of the Code of Corporate Governance for the Telecoms Industry and ensure compulsory compliance when the said Code is made mandatory for the telecommunications industry, and undertake to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of this settlement Agreement.
Both parties agreed that these terms of settlement cannot be altered, varied, annulled or modified in any respect, except by writing duly executed by both parties and that the terms of settlement constitute all the terms and conditions of the settlement and supersede and replace any previous offers, representations and terms.

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