Nigerian Government– Why we reduced MTN fine

The Minister of Communications, Adebayo Shittu, has said that the $5.2billion fine slammed on telecommunication giant, MTN, was reduced to encourage foreign investments into the country.
Mr. Shittu said this on Sunday in Ibadan at an award ceremony in honour of Lekan Balogun, the Otun Olubadan of Ibadanland.
He said that the Federal Executive Council, FEC, decided to reduce the penalty against the telecommunications giant after realising the negative impact the burden could have on the nation, its people and the economy.
The Nigerian Communications Commission, NCC, had slammed a $5. 2 billion fine on MTN for violating the directive of the regulatory body in Nigeria.
The NCC had directed all telecom providers in the country to register subscribers and disconnect erring subscribers. MTN did not meet the deadline to do so.
The South African telecommunication firm was thus fined $1,000 for each of its 5.2 million affected subscribers, totalling $5.2 billion.
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.
“As far as we are concerned, the MTN issue is a closed matter.