$5.2b Fine :MTN Pleads For Staggered Payment

Telecommunications giant, MTN has pleaded for staggered payment of the $5.2b fine imposed on it by the Nigerian Communications Commission, NCC for violating its guidelines on the deactivation of unregistered SIM cards.

Feelers from government quarters indicate that following a series of meetings between the company's management team from South Africa and Nigeria and the Federal Government, an agreement is being reached on the modalities for the payment.

“There have been series of meetings at the Presidency between the 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," said a source close to the negotiations.

NCC had earlier hinted that MTN risked losing its license if it failed to pay the fine.

It is believed that Government's hard stance on the matter is due to the enormous implications of the offense on national security.