Thursday, January 20, 2022
MARKET UPDATE

TheCable

Advertisement

NCC renews MTN’s licence after N1.04tr fine

NCC renews MTN’s licence after N1.04tr fine
November 03
12:31 2015

MTN Nigeria has announced the renewal of its operating spectrum and digital mobile licence by the Nigerian Communication Commission (NCC).

Both were meant to expire in February 2016 but have been extended to August 31, 2021.

“We view this extension as a demonstration of confidence in MTN’s capacity to continue to provide ground-breaking and innovative services to its customers,” MTN’s corporate affairs executive, Akinwale Goodluck, said in a statement.

The largest telecommunications organisation in Africa got the renewal at a cost of $94.2 million.

Advertisement

MTN also holds a unified access licence and a 3G Spectrum licence through which it provides full digital services to its subscribers in Nigeria.

The past week has been a stormy one for the organisation, following a N1.04tr fine by the NCC for failing to disconnect 5.1 million unregistered subscribers within a stipulated deadline.

The fine affected its shares, which hit seven-year low last week, and was suspended at the trading of the Johannesburg Stock Exchange (JSE) on Monday, following a loss of in its market worth.

Advertisement

But MTN resumed trading a few hours later.

1 Comment

  1. Giwanruwa
    Giwanruwa November 09, 14:41

    In civilsed nations, the rule of law is realised when infractions are punished by sanctions; and that is what enables the “law” to “rule”. The NCC should see this as a beginning of a new chapter, in which it begins to awake from slumber and function in its full regulatory capacity. It is time for a New Nigeria.

    Reply to this comment

Write a Comment