Sentences with phrase «fined mtn»

The Nigerian Communications Commission fined MTN $ 5.2 billion for failing to disconnect unregistered SIM cards, which pose a public security threat.

NCC had fined MTN Nigeria N1.04 trillion ($ 5.2 bn) which was later reduced by 25 per cent to $ 3.9 billion (N780 billion) in December last year.

Not exact matches

The country's finest golfers are expected to converge at the Celebrity Golf course at Sakumono on Saturday, November 12, to participate in the MTN CEO Invitational Golf Tourney.

MTN will pay the NCC the sum of N330 billion in full and final settlement of the fine in line with an agreed payment plan,» MTN said on Friday.

Nigeria slapped mobile phone giant MTN with a multi-billion dollar fine last year for failing to disconnect unregistered sim cards, with President Muhammadu Buhari blaming the company for fuelling the Boko Haram insurgency.

According to Bloomberg, MTN has lost $ 5.24 b (N1.4 tr) in market capitalisation from October 23 to 29, as the fine continued to take toll on its value on Monday November 2.

The stock exchange has expressed concerns over N1.04 tr fine by the Nigerian Communications Commission (NCC) thereby halting MTN's shares few minutes before 11 am on Monday.

The newly sworn in Minister of Communications, Abdul - Raheem Adebayo Shittu, may have reawakened MTN's woes as he threw his weight behind the Nigerian Communications Commission (NCC) on the $ 5.2 billion (N1.04 trillion) fine slammed on telecoms giant for failing to deactivate 5.2 million unregistered SIM users.

The minister, who spoke through his Special Assistant on Media, Mr. Victor Oluwadamilare, however, admitted that MTN had the right to seek court's interpretation if it feels unsatisfied with the action of the regulator but made it clear that nothing would stop the government from imposing additional fine on the operator, at the expiration of the deadline.

The Federal Government, yesterday, declared that it would neither be cowed nor threatened by MTN's court action against the N1.4 trn fine which was later reduced to N780 billion, insisting that the telecommunications company risks another fine if it fails to pay on deadline.

From the President who has refused to act on investigative reports submitted to him on grievous allegations of diverting over a billion naira meant for resettlement of Internal Displaced Persons (IDPs) by the Secretary to the Government of the Federation, Babachir Lawal under the Presidential Initiative for the North East (PINE) and the miraculous discovery of 13billion naira in an apartment at Ikoyi, Lagos under the supervision of the Director of the Nigerian Intelligence Agency (NIA), Ayodele Oke, to the Head of Service of the Federation, Oyo - Ita Winifred Ekanem, who connived with others to reinstate into active duty and promote Abdulrasheed Maina, the former Chairman of the Pension Reform Task Team, who allegedly stole over 6billion naira pension fund; the Chief of Staff to President Buhari now renamed the «Thief of Staff», Abba Kyari, who allegedly received a bribe of 500million naira to negotiate a fine reduction for MTN Nigeria, and has continuously been in the heart of every sharp practices in the Presidency; the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu who allegedly received a kickback of 3.8 billion naira in exchange for marginal oilfield using his brother, Dumebi Kachikwu as front; the Minister of Justice, Abubakar Malami, who was the brain behind the reinstatement of Abdulrasheed Maina; the Chief of Army Staff, General Tukur Buratai who during his time as the Director of Procurement at the Army Headquarters allegedly diverted funds meant to equip the Military into buying choice properties worth millions of dollar in Dubai; the Minister for Solid Minerals, Dr. Kayode Fayemi who allegedly embezled State Universal Education Board (SUBEB) funds as the Governor of Ekiti State; the Minister for Interior, Abdulrahman Bello Dambazau who was indicted by a Presidential investigative committee probing Arm procurement for awarding ghost contracts worth $ 930,500,690 with others while as the Chief of Army Staff between 2008 - 2010 and one of the brains behind the reinstatement of Abdulrasheed Maina; the Minister of Transportation, Rotimi Amaechi alleged to have stolent 142billion naira as the Governor of Rivers State.

The Johannesburg Stock Exchange (JSE) has launched an investigation into MTN for «possible insider trading» before the company announced it had been hit by the fine.

A judge in Lagos, Nigeria's commercial capital, last month gave MTN until March 18 to try to reach a settlement over the fine, which equates to more than twice MTN's annual average capital spending over the past five years.

With one month and two weeks left to settle with the Nigerian authorities over the $ 3.9 billion fine imposed by the Nigerian Communications Commission, NCC, for failing to disconnect unregistered users, MTN Group has hired the former Attorney - General of the United States of America, Eric Holder, to help challenge the propriety of the fine.

Minister of Communications, Adebayo Shittu, has explained why the N1trillion fine slammed on MTN Nigeria was slashed to N330bn.

Since MTN has withdrawn the suit challenging the payment of the fine the federal government should take steps to ensure the prompt payment of the outstanding balance of $ 3.65 billion.

MTN's shares have weakened by 32 % since October last year, when news broke that it had been slapped with a record fine by Nigerian regulators.

Even before the fine, MTN had to adjust its growth forecast in Nigeria, with the company reporting earnings lower than expected.

Relatively, it has been alleged that the Chief of Staff (CoS), Abba Kyari, took N500m from operators of MTN to help the telecommunications giant mitigate the fine imposed on it by the federal government.

By Dayo Oyewo A Federal High Court sitting in Lagos, Friday, adjourned till March 18, for parties in the suit by MTN Nigeria Communications Limited against the Nigeria Communication Commission, NCC, over the N1.04 trillion fine imposed on the telecommunication outfit to settle out of court or hearing in the case would commence.