MTN reportedly agrees to pay N1.04 trillion fine

Telecommunication company, MTN, has reportedly agreed to pay the N1.04 trillion fine slammed on it by the Nigerian Communications Commission NCC for flouting the regulatory body's directive on SIM deactivation. MTN is reportedly pleading for a staggered payment plan to pay-up the fine.

Vanguard quoted a source as saying that the agreement to employ the staggered payment model followed a series of meetings between top executives of MTN Nigeria and South Africa with VP, Prof. Yemi Osinbajo.

“There have been series of meeting at the Presidency between Vice President Osinbajo and MTN team both from South Africa and the Nigerian arm. MTN wanted a waiver considering their level of investments in the country, but government did not buy the idea of waiver. Instead, I think there will be concession, but certainly not a waiver. At the conclusion of the meeting, the MTN people negotiated on how to stagger the payment. The Presidency is even angry because MTN was a signatory to the regulation, but they are failing to comply with rules.” the source added.