MTN Nigeria completes N330 billion SIM infraction fine after 4-years

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African Telecommunications giant, MTN Nigeria, has paid the last tranche of the N330 billion fine imposed by the Nigerian Communications Commission (NCC).

The final payment means that MTN has completed the N330 billion infraction fine and no longer owes  the Federal Government.

The development was disclosed by MTN Nigeria’s Chief Corporate Relations Officer, Tobechukwu Okigbo. According to him, the successful resolution of the fine was as a result of strong collaboration between the company and the NCC.

“The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others,” the SEC said in a statement seen by Business Insider Sub-Saharan Africa by Pulse on Friday.

Other decisions of the capital market regulator include:

  • Resignation of the affected Board members of Oando Plc,
  • The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
  • Payment of monetary penalties by the company and affected individuals and directors,
  • Refund of improperly disbursed remuneration by the affected Board members to the company,

The management said it will refer all issues with possible criminality to the appropriate criminal prosecuting authorities. It also stated that the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).