According to the Federal Government, mobile telecommunications services provider, MTN has paid N80 billion of the N330 billion fine imposed on it for failing to deactivate over five million unregistered SIM cards on its network.
The News Agency of Nigeria, NAN reports that the Minister of Communications, Adebayo Shittu,said that the money represents the instalment for the first year.
MTN was initially fined N1.04 trillion for failing to deactivate over five million unregistered SIM cards but the fine was later reduced to N330 billion following appeals by the firm.
“For the first year, they paid N80 billion, after paying the initial N50 billion, and they will have to pay for three years until they will complete the N330 billion.
“MTN does not have a choice when the law was made, it said for every unregistered SIM card in use, the fine is N200, 000, the law never anticipated that one company will be in violation to the tune of millions of lines.
“It was inconceivable, so when the thing was added 200,000 times 5.2 million lines, it came to a trillion plus.
“When it happened, the MTN did four things; one they accepted that they were in default, two, they apologised for that and three they committed themselves never to allow such a thing to happen and number four, they asked for remission.
“Government had to look at a number of factors because if they have to pay this amount; they will pack up.
“We also knew that we invited the international community to come and invest and anything that will be done which will shake the confidence of international investors in Nigerian economy, we must avoid it.
“Consequently, we must not throw away the baby with the bath water, if they had packed up and left, let us assume all their staff are not more than 5, 000, it means all of those 5,000 will lose their jobs.
“Also those who made an investment, who bought shares will lose their shares and the Nigeria banking sector would go into crisis,’’ he said.
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