Nigerian Senate Launches Two-Week Probe Into MTN Fine Reduction

Nigerian Senators will question officials and “all stakeholders” over the next two weeks about how MTN Group Ltd.’s record fine in the country was reduced to 330 billion naira ($1.2 billion) from more than 1 trillion naira.

“This fine was unilaterally reduced” without the input of the Ministry of Communication Technology and the Nigerian Communications Commission, Gilbert Nnaji, chairman of the Senate Committee on Communications, told lawmakers on Thursday. This “constitutes a flagrant breach of NCC regulations,” he said.

Communications Minister Adebayo Shittu said last weekend that the fine, which was settled on June 10, is a “closed matter,” according to Lagos-based Vanguard newspaper.

The agreement ended eight months of negotiations with Nigerian officials over how to settle the fine, which was levied after MTN missed a deadline to disconnect 5.1 million unregistered customers in the country.

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