FG Confirms Receiving N50bn from MTN

The Federal Government of Nigeria has confirmed the receipt of N50 billion from telecommunications giant- MTN.

Mtn had on Wednesday stated that it had paid the said amount, as part of the N1.04 trillion fine imposed on it by the Nigerian Communications Commission.

NCC had slammed a fine of N1.04 trillion on MTN in October 2015 for failing to deactivate over 500,000 unregistered subscribers after repeated warnings had been issued to this effect.

Back then, the initial fine was $5.2 billion but it was later reduced by 25 percent to $3.9 billion after intense lobbying by MTN.

Speaking to journalists on Friday, the Special Assistant to the Minister of Communications, Victor Oluwadamilare, disclosed that MTN made the payment with a precursor for an out of court settlement over the matter.

Oluwadamilare added that the development was in line with promised by MTN to resolve the issue with the NCC, in an amicable manner.