The Nigerian Communications Comission (NCC) has reduced the N1.04 trillion fine imposed on telecommunications giant MTN to N330 billion. This was contained in a statement released by Tony Ojobo, Director of Public Affairs, NCC.
Following months of negotiations, the reduced sum also includes the N50 billion goodwill paid by MTN to the government. The balance will be paid in 6 tranches to the Federal Government. The agreement was signed on the 10th June 2016 and MTN is required to pay N30 billion Naira into NCC's account within 30 days of the date of the signature of the agreement
MTN is also required to tender an apology and take steps to list on the Nigerian Stock Exchange soon.
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