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Senate Rejects MTN’s N300 bn Settlement Deal

by on March 11, 2016
 
The Senate Com­mittee on Com­munication yes­terday rose against the manner in which the out- of- court settlement arrangement between the Federal Government and the MobileTele­communication Net­work (MTN) on the N1.04trillion was being handled by the duo at the exclusion of Com­munication Ministry and Nigeria Communication Commission(NCC) in the deal.
At the Public investiga­tive hearing on the mat­ter that was convened by the Committee at the National Assembly Thursday, members of the committee expressed shock that an account in the name of “Recovery Account” was opened for the N50billion fine paid by the MTN as part of the negotiation.
The committee was also angry that a propos­al initiated by the MTN for the reduction of the fine from N1.04 to N300 billion had been accepted by the Minister of Justice and Attorney General of the Federation even without recourse to the Ministry of Communi­cation and the NCC.
It also emerged at the hearing that an initial 25 per cent reduction of the initial N1.04 trillion fine to N780 billion was on the orders of the Presi­dent.
A document displayed by the committee regard­ing the proposal from MTN showed that the telecommunication ser­vice provider would pay N300 billion made up of N150 billion to be paid on instalmental basis.
According to the docu­ment, the N50 billion al­ready paid is part of this anount.
The parties have agreed that the N50bil­lion paid in good faith and without prejudice by MTN Nigeria on the 24th of February, 2016, in order to commence settlement negotiations will form part of the monetary components of this settlement.

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