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Nigeria lawmakers say MTN’s fine should be R241 billion

Nigeria lawmakers say MTN’s fine should be R241 billion

The Nigerian House of Representatives has said that the reduction of MTN’s 1.04-trillion naira fine (R81 billion) was unconstitutional, This Day Live in Nigeria reported.

One lawmaker also argued that MTN should have been fined triple the original amount – which would total R241 billion.

“MTN ought to have been fined under both Section 19 and Section 20 respectively with a cumulative penalty of ₦3.12 trillion, and not ₦1.04 trillion, which is a gross violation of the combined reading of the NCC Act,” said Ehiozuwa Agbonayinma.

MTN Nigeria was handed a fine for failing to disconnect 5.2-million unregistered SIMs on its network by a Nigerian Communications Commission-given (NCC) deadline.

MTN was originally fined ₦200,000 (R15,572) per unregistered SIM active on its network.

The fine was later reduced by 25% to ₦780 billion (R61 billion), but the mobile operator elected to take the matter to Nigeria’s courts.

It later dropped the case and paid a “good faith” sum of ₦50 million (R3.8 billion at the time) in an effort to achieve an amicable settlement.

Nigerian lawmakers said this payment into the recovery account was in violation of the law, and called on MTN Nigeria’s chief executive officer, Ferdinand Moolman, to appear before the telecommunications committee.

MTN said it would release a statement on the matter.

Updated: MTN Group has noted reports out of Nigeria about the fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC).

MTN has previously advised shareholders not to make decisions based on press reports and MTN again urges its shareholders to refrain from doing so.

MTN continues to engage with Nigerian authorities in an attempt to ensure an amicable resolution to this matter in the interests of MTN Nigeria, its stakeholders and the Nigerian authorities. To this end, we shall await clarity and further guidance on the fine from the Federal Government of Nigeria.

Shareholders are therefore advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made by MTN.

More on MTN

Nigeria reinstates regulatory services to MTN

MTN fuelled terrorist group: Nigerian president

MTN cautions over $1.5 billion Nigerian settlement reports

MTN profit tumbles on R9.3 billion fine provision


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Join the Conversation (7 comments)
  • James Dean

    Nigeria = scam artists

  • Aadil Lakhi

    Nigerian parliamentarians = Nigerian Gumtree Scamsters

    #Truestory

  • ToothyGrinn

    Give em the finger, it now makes sense to just pull out and take as many assets as they can

  • Ray Mulder

    Scam experts.

  • Runnin Bare

    MTN must also be punished thinking they can do as they please like in SA with no consequence.

  • Fred

    Trying to make up for what they’re losing on oil&gas. MTN should threaten to pull out

  • bob

    Like Nigerians havnt stolen enough cash from S.a

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