The Minister of Communication, Adebayo Shittu, clears the air over the MTN N1.03 Trillion fine impose for failing to meet the deadline fixed by the NCC to disconnect the subscribers not properly registered, the MTN was fined $1,000 per each of its affected 5.2 million subscribers, totaling $5.2 billion.
The Minister said this in an interview granted to the journalist in Ibadan, Oyo state, the Federal Executive Council decided to relax the penalty against the telecommunications giant after realizing the negative impact the burden could have on the nation, its people and the economy.
“As far as we are concerned, the MTN issue is a closed matter. The Federal Executive Council has remitted substantial part of the penalty to them. Nigeria as a country must move on. We must not do anything to drive away foreign investors. Foreign investments are potent means of bringing about development and wealth creation
Mr. Shittu said there was pressure on the FEC from different quarters, which later agreed to reduce the fine imposed on MTN to N330 billion to be paid within a period of three years.