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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Business»MTN Group proposes a final settlement of $1.5bn for $3.9bn Nigerian fine
    MTN Nigeria

    MTN Group proposes a final settlement of $1.5bn for $3.9bn Nigerian fine

    0
    By Staff Writer on March 11, 2016 Business, News

    MTN Group is reportedly proposing a full and final settlement of $1.5bn for the $3.9bn fine imposed on it by the Nigerian Communications Commission for missing a deadline to disconnect unregistered subscribers.

    The South African based telecoms giant says it made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on Feb. 24, according to a letter to the government from the company’s lawyer, former U.S. Attorney General Eric Holder.

    The Senate Committee on Communications met to discuss the matter on Thursday and concluded that the negotiations with MTN must continue for two more weeks.

    In a statement from the company, “MTN Nigeria continues to engage with the Nigerian authorities in an attempt to ensure an amicable resolution to this matter.”

    MTN’s proposal includes the following:
    • 50 billion naira that was paid last month in order to continue negotiations and a further
    • 100 billion naira in five annual installments between the signing of an agreement and the end of 2020.
    • The company also pledged to purchase 80 billion naira of Nigerian sovereign debt issued on international markets in 2016-2017 “as a demonstration of its commitment to and confidence in the Nigerian economy.”
    • Finally, MTN would give the government access to its fiber network until 2020, an offer the company valued at 70 billion naira.
    MTN’s management, the Nigerian telecommunications regulator and Minister of Communications Adebayo Shittu should report back to the Senate in two weeks with the outcome of discussions, according to the conclusions of the committee.
    MTN said it put aside about $600 million toward the payment at the company’s full-year earnings on March 3.

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