MTN to pay $1.671 billion penalty to Nigeria Govt

MTN South Africa
Telecom network operator MTN has agreed to pay Naira 330 billion or $1.671 billion penalty over three years as penalty to Nigeria Government.

Since MTN Nigeria has already paid Naira 50 billion on 24 February 2016, the telecom operator will be paying the balance of Naira 280 billion in following installments.

Naira 30 billion on 8 July 2016

Naira 30 billion on 31 March 2017

Naira 55 billion on 31 March 2018

Naira 55 billion on 31 December 2018

Naira 55 billion on 31 March 2019

Naira 55 billion on 31 May 2019

As per the settlement with the Nigeria government, MTN Nigeria subscribes to the voluntary observance of the Code of Corporate Governance for the telecom industry and will ensure compulsory compliance when the said Code is made mandatory for the telecommunications industry.

MTN Nigeria undertakes 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 the settlement agreement.

MTN Nigeria will ensure full compliance with its license terms and conditions as issued by Nigerian Communication Commission (NCC).