No Result
View All Result
Thursday, August 11, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Bank of Ghana widens its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Ghana Mines Workers’ Union threatens industrial action

    Farmerline begins ‘Support a Farmer’ initiative to provide fertilizer to farmers

    Ghana likely to secure US$3 billion from IMF for economic support

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Bank of Ghana widens its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Bank of Ghana widens its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Ghana Mines Workers’ Union threatens industrial action

    Farmerline begins ‘Support a Farmer’ initiative to provide fertilizer to farmers

    Ghana likely to secure US$3 billion from IMF for economic support

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Bank of Ghana widens its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

  • TECHNOLOGY

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

MTN proposes to pay $1.5bn to settle Nigeria fine

bycitibusinessnews
March 11, 2016
in Africa, Southern Africa, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

MTN Group has proposed to pay 300 billion naira ($1.5 billion) to settle a record $3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers that the government claims included Boko Haram Islamist insurgents.

Africa’s biggest wireless operator made the written offer, comprised of cash installments, bond purchases and network access, to the Nigerian government on February 24, according to a letter to the government from the company’s lawyer, former US Attorney General Eric Holder.

The Senate Committee on Communications met to discuss the matter on Thursday and concluded that the negotiations with MTN must continue for two more weeks. A day earlier, some members of the lower House of Representatives insisted the company pays the full fine.

ADVERTISEMENT

MTN’s shares fell 0.2% to R147.15 rand by 1:05pm in Johannesburg, having earlier jumped 3.6%. They have declined more than 22% since the fine was made public, valuing the company at R272 billion ($17.9 billion).

“The initial reaction of the market was probably not a reflection of careful consideration,” Martin Roberts, senior Africa analyst at IHS Country Risk, said by phone from Lagos, Nigeria’s commercial capital. “The shares probably went up because people might have had the impression that this was an offer that would be accepted by the Nigerian government. The reaction of Nigerian parliamentarians makes it clear it’s not so cut and dried.”

MTN Rebuke

MTN was fined in October for missing a deadline to disconnect 5.1 million subscribers deemed to be improperly registered in the country by the government, which is conducting a crackdown against Islamist insurgents. The Boko Haram group’s campaign to impose its version of Shariah law has led to the death of more than 10 000 Nigerians since 2009.

This week, President Muhammadu Buhari, in his first public comments on the matter, rebuked MTN in front of South African counterpart Jacob Zuma during a visit to Abuja. The company had been slow to disconnect phone lines used by Boko Haram militants, contributing to casualties in the conflict, Buhari said.

“MTN Nigeria continues to engage with the Nigerian authorities in an attempt to ensure an amicable resolution to this matter,” the Johannesburg-based company said in a statement on Friday. The operator “cannot confirm or deny” the $1.5 billion figure, spokesman Chris Maroleng said by phone.

MTN’s proposal includes the 50 billion naira that was paid last month in order to continue negotiations and a further 100 billion naira in five annual installments between the signing of an agreement and the end of 2020. The company also pledged to purchase 80 billion naira of Nigerian sovereign debt issued on international markets in 2016-2017 “as a demonstration of its commitment to and confidence in the Nigerian economy.” Thirdly, MTN would give the government access to its fiber network until 2020, an offer the company valued at 70 billion naira.

MTN Proposal

Already paid 50 billion installments through 2020, 100 billion government debt purchases,  80 billion fiber access  70 billion. Total 300 billion* in naira

MTN’s management, the Nigerian telecommunications regulator and Minister of Communications Adebayo Shittu should report back to the Senate in two weeks with the outcome of discussions, according to the conclusions of the committee.

“$1.5 billion is in the right ballpark to settle the fine,” Dobek Pater, managing director of research firm Africa Analysis, said by phone. “It is on the low side of what would be reasonable. I expect a settlement of about $2 billion.”

MTN said it put aside about $600 million toward the payment at the company’s full-year earnings on March 3. Nigeria is the company’s biggest market with more than 61 million customers, about a third of the population.

–

Source: MoneyWeb

Related Posts

Banking And Finance

Bank of Ghana widens its scope on cryptocurrency

byEllen Dapaah

The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency. The...

Read more

Importers, Exporters Association calls for sympathy for Labianca following corruption claims

Our cars to sell for cheaper soon- locally assembled automobile companies

Ghana’s inflation rate rises again; hits 31.7% in July 2022

Fitch downgrades Ghana’s credit rating from B- to CCC

Ghana Mines Workers’ Union threatens industrial action

Ghana likely to secure US$3 billion from IMF for economic support

Next Post

Big banks cartel hurting economy with expensive loans, says WB

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.