Telecoms giant, MTN, met a brick-wall in its meeting with representatives of the federal government recently. The company has been asked to cough out a fine of $5.2bn (N1.4trn) if it intends to continue doing business in Nigeria; for flouting the rule on deactivation of non-registered SIM cards.
Reports say the federal government delegation led by Vice President Yemi Osinbajo, pointedly told MTN that it has to pay the fine imposed by the Nigeria Communications Commission (NCC). The meetings between MTN representatives and the federal government held in South Africa (where MTN has its headquarters) and Nigeria.
Sources close to the meeting say a resolution was reached that the fine be staggered over a period of time.
Nigeria is MTN’s biggest market with 62 million subscribers signed on to the network. MTN fell out with the NCC after failing to deactivate some 5 million unregistered lines during a specified deadline issued to all telecoms operators doing business in Nigeria.
Deactivation of the lines bordered on matters of national security and the NCC had vowed that the laws of its engagement with telecom providers has got to be followed to the letter in this case.
MTN stocks have nosedived in Nigeria and South Africa since the fine was imposed.
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