– MTN fined $1,000 per each unregistered subscribers

– FEC under pressure to reduce the fine imposed on MTN

– FEC reduced the fine to N330 Billion to be paid in 3 years

The Minister of Communication, Adebayo Shittu, clears the air over the MTN N1.03 Trillion fine impose for failing to meet the deadline fixed by the NCC to disconnect the subscribers not properly registered, the MTN was fined $1,000 per each of its affected 5.2 million subscribers, totaling $5.2 billion.

The Minister said this in an interview granted to the journalist in Ibadan, Oyo state, the Federal Executive Council decided to relax the penalty against the telecommunications giant after realizing the negative impact the burden could have on the nation, its people and the economy.

“As far as we are concerned, the MTN issue is a closed matter. The Federal Executive Council has remitted substantial part of the penalty to them. Nigeria as a country must move on. We must not do anything to drive away foreign investors. Foreign investments are potent means of bringing about development and wealth creation

Mr. Shittu said there was pressure on the FEC from different quarters, which later agreed to reduce the fine imposed on MTN to N330 billion to be paid within a period of three years.

http://www.234jam.com/2016/06/fg-reduces-mtn-fine-to-n330-billion-to.html

It is well

UPDATES! Senate Expresses Dismay over Reduction of N1.04 Trillion MTN Fine

The Senate has summoned the Attorney General, Governor of Central Bank, Minister of Communication and Accountant General of the Federation to come and explain their roles in the slash of MTN fine from N1.04 trillion to N330 billion.

More: http://www.234jam.com/2016/06/senate-expresses-dismay-over-reduction.html