Skip to main content

MTN agrees to pay Nigeria N330bn fine

Phuthuma Nhleko, chief executive of MTN in South Africa

Phuthuma Nhleko, chief executive of MTN in South Africa

mtn

MTN Group has agreed to pay a reduced fine of 330 billion naira ($1.67 billion) in a settlement with the Nigerian government, it said on Friday, sending shares in the South African telecoms provider soaring.

The fine will be paid over three years and is smaller than the $5.2 billion sought by Nigeria last October for failing to deactivate more than five million unregistered SIM cards on its network.

Shares in MTN surged 18 percent to 146 rand after the announcement in their biggest jump since April 2000. They have shed 22 percent since the fine was announced.

MTN, Africa’s largest telecoms company, has already paid 50 billion of the 330 billion naira owed.

The rest will be paid in six instalments over three years, the company said in a statement.

The settlement also clears the way for MTN to list its local unit on the Nigerian Stock Exchange as soon as “commercially and legally possible”, it said.

“The relationship between MTN, the Federal Government of Nigeria and the Nigerian Communication Commission has been restored and strengthened,” MTN Executive Chairman Phuthuma Nhleko said.

MTN has been negotiating for months with Nigerian officials over the $5.2 billion fine, which was later reduced to $3.9 billion.

Labels:

Comments

Post a Comment

Popular posts from this blog

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...
Post a Comment
Read more

NDLEA arrests 252 suspects, seizes 3,073 kg Indian hemp

NDLEA operatives The NDLEA in Niger on Monday said that it had arrested 252 suspects and seized 3,073.9 kilogramme of Indian hemp(cannabis sativa) in the state. The NDLEA Commander in the state, Mr Joseph Iweajunwa, who disclosed this in Minna, said that the operations were carried out between January and September. “Our operations in Niger State from January to September 2016 led to the arrest of 252 suspects and seizure of 3,073.997 kilogramme of cannabis sativa,’’ he said. Iweajunwa said that within the period, the agency also seized 1, 530 litres of liquid drugs, especially cough syrup with codeine. He said the NDLEA also counselled and rehabilitated 90 drug addicts in the state within the period under review. The agency, he added, secured convictions of only nine of the suspects because the judge at the Federal High Court, Minna, went on leave. “ Now that the judge has resumed more suspects will be tried,’’ he said. He advised motorists, especially commercial vehicle dri...
Post a Comment
Read more