The Federal Government on Monday said telecoms company MTN has paid N80bn out of the N330bn fine imposed on it for not deactivating over five million unregistered SIM cards.
This was disclosed by the Minister of Communications, Adebayo Shittu.
The company was initially fined $5.2bn (N1.04tn) but was later reduced to N330bn.
Adebayo said, “For the first year, they paid N80bn, after paying the initial N50bn, and they will have to pay for three years until they will complete the N330bn.
“MTN does not have a choice, when the law was made, it said for every unregistered SIM card in use, the fine is N200, 000, the law never anticipated that one company will be in violation to the tune of millions of lines.
“It was inconceivable, so when the thing was added 200,000 times 5.2 million lines, it came to a trillion plus.
“When it happened, the MTN did four things; one they accepted that they were in default, two, they apologised for that and three they committed themselves never to allow such a thing to happen and number four, they asked for remission.
“Government had to look at a number of factors because if they have to pay this amount; they will pack up.
“We also knew that we invited the international community to come and invest and anything that will be done which will shake the confidence of international investors in Nigerian economy, we must avoid it.
“Consequently, we must not throw away the baby with the bath water, if they had packed up and left, let us assume all their staff are not more than 5, 000, it means all of those 5,000 will lose their jobs.
“Also those who made investment, who bought shares will lose their shares and the Nigeria banking sector would go into crisis.”