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MTN 1.04 trillion! Is MTN been pranked?

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MTN 1.04 trillion! Is MTN been pranked?

MTN 1.04 trillion! Is MTN been pranked?
December 04
13:11 2015

. As MTN receives two different reduction rate from NCC
Following the MTN fine saga by Nigeria Communication Commission for failing to disconnect unregistered Sim cards. There have been several attempts by MTN to dialogue with the federal government over reduction of the fine.
Recently, it was reported that MTN released a statement saying the fine has been reduced from 1.04 trillion naira to 674 billion naira.
Thereafter, a new report has emerged that MTN is in possession of two different letters from NCC confirming the reduction of the fine with varying percentage cut.
However, there has been confusion over the exact worth of the reduction to MTN’s initial N1.04 trillion fine by the Nigerian Communications Commission (NCC).
“On 3 December 2015, shareholders were informed that MTN had received a formal letter dated 2 December 2015 from the NCC (the First Letter) informing the Company that, after considering the Company’s request, it had taken the decision to reduce the fine imposed on the MTN Nigerian business from the original N1.04 trillion naira (the Original Fine) to 674 Billion Naira, which had to be paid by 31 December 2015,”
MTN said in a statement released by Chris Maroleng on behalf of its group corporate affairs. “The fine relates to the late disconnecting of 5.1 million MTN Nigerian subscribers in August and September 2015. This was a reduction of 35% of the Original Fine.
“Late on 3 December 2015, the day after receipt of the First Letter, the Company received a further letter from the NCC dated 3 December 2015 (the Second Letter). The Second Letter, which was stated to supersede the First Letter, informed the Company that the fine had actually been reduced by 25% to 780 Billion Naira and not by 35% to 674 Billion Naira, as was stated in the First Letter. The payment date remained 31 December 2015.”
It noted that neither the first letter nor the second one set out any details on how the reduction was determined. MTN, therefore, said it was “carefully considering both the first letter and the second letter, and the executive chairman, Phuthuma Nhleko, will immediately and urgently re-engage with the Nigerian Authorities before responding formally, as it is essential for the Company to follow due process to ensure the best outcome for the Company, its stakeholders and the Nigerian Authorities, and accordingly all factors having a bearing on the situation will be thoroughly and carefully considered before the Company arrives at a final decision”.
It advised shareholders to “continue to exercise caution when dealing in the Company’s securities until a further announcement is made”.

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Opeyemi

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