Breaking: MTN, FG Reach An Agreement On Fine

According to a statement issued by the Federal Government of Nigeria, the original fine of $5‚2-billion levied against MTN Nigeria for failing to unregister phone lines before a deadline set by a Nigerian regulator has been reduced to $1.671-billion‚ the company said on Friday.

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“Further to the various announcements to shareholders regarding this matter‚ MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria (FGN)‚” a statement said.


“MTN Nigeria has agreed to pay a total cash amount of Naira 330-billion over three years (the equivalent of $1.671-billion at the official exchange rate and $902-million at the Lagos Parallel Market Rate) to the FGN in full and final settlement of the matter payable as set out hereunder‚” it added.

“The Naira 50-billion paid in good faith and without prejudice by MTN Nigeria on 24 February 2016 forms part of the monetary component of the settlement leaving a balance of Naira 280-billion outstanding.”

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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