MTN Nigeria pays about $263m of $1.7bn fine

After several negotiations MTN Nigeria has finally paid N80 billion approximately ($263m) out of the N330 billion ($1.7 billion) fine imposed on it for failing to deactivate more than five million unregistered SIM cards.

The Minister of Communications, Adebayo Shittu, in Abuja said that the company paid the sum as the first instalment out of the three years given for the completion of the payment.

“For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion,” he said.

He said the government had to look at a number of factors because they might pack up if they have to pay the amount as specified.

MTN Nigeria had initially been fined $3.9 billion by Nigeria’s government but the fine was later reduced by more than a half.

The minister said that even in the court system if one was fined and could not pay for one reason or the other, the person would ask for reconsideration either by way of appeal or bringing a motion.

MTN Pays N80 Billion of N330 Billion Fine to Federal Government https://t.co/r8c04QFcvj MTN #nigeria #amymedia

— officialamy1 (RealAmyMedia) December 27, 2016

The telecommunication company which is Africa’s biggest mobile-phone company had equally negotiated to pay six times in installments over three years.

With the devaluation of the naira, the fine to be paid by MTN in Nigeria will appear higher in the light of the fall of the exchange rate between the local currency and dollar , so , payment of the fine is made at the exchange rate when the sanction was made in October 2015.