Business Why MTN Nigeria's Fine was Reduced to N330bn - Communications Minister

The federal government reduced the $5.2bn fine imposed on MTN Nigeria to $1.67 (N330bn) in order to encourage foreign investors and investments into the country, the Minister of Communications, Adebayo Shittu, has revealed.

According to him, the decision was taken after the Federal Economic Council, FEC, realized the negative impact the burden could have on the nation, its people and the economy.

“Nigeria as a country must move on. We must not do anything to drive away foreign investors. Foreign investments are potent means of bringing about development and wealth creation,” he said.

“Nigeria now has more than 152 million lines and MTN is the dominant operator in the field. It controls almost 50 per cent of the lines," he added. “Though, MTN violated the law and we had to penalise it. We must put a halt to the limitless crisis so that we don’t discourage foreign investors."

News Agency of Nigeria