MTN to apologise to FG, pay fine in 6 tranches… [DETAILS]

The 6 months spent negotiating with the Federal Government has finally paid off for telecoms giant, MTN as the N1.04 trillion fine imposed on the company by the Nigerian Communications Commission (NCC) has been reduced to N330 billion.

The N330 billion to be paid however, includes the “goodwill” payment of N50 billion which MTN made to the government earlier.

According to a statement released by the NCC today which was signed by the Director of Public Affairs, Tony Ajobo, the balance of N280 billion will be paid to the government in 6 tranches and into the NCC’s Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).

Payment of the fine would commence 30 days from today, June 10 when the agreement was inked.

Other dates of payments are March 31, 2017 -N30 billion; March 31, 2018 -N55 billion; December 31, 2018 -N55 billion; March 31, 2019 -N55 billion and the balance will be paid on May 31, 2019 -N55 billion.

The agreement and resolutions were signed by Executive Vice Chairman (EVC) of NCC, Prof. Umar G. Danbatta, NCC Commission Secretary, Felix Adeoye, Chief Executive of MTN, Fredinand (Fredi) Moolman and MTN’s Company Secretary, Uto Ukpanah, and witnessed by Tony Ojobo, NCC, Director, Public Affairs; Usman Malah, Chief of Staff to the EVC, NCC; Helen Obi, Assistant Director, Legal, NCC and Amina Oyagbola, Corporate Executive, MTN.

According to the statement, It was also agreed that MTN shall undertake the followings:
• Tender an apology in line with the apology previously tendered in correspondences relating to this matter to the Government of Nigeria and Nigerians within the one month of the execution of this Agreement;
• Subscribe to the voluntary observance of the Code of Corporate Governance for the Telecoms Industry and would 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 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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