Fidelity bank banner UBA banner
Senators query reduction of MTN $8.1bn fine to $800m

By Samuel Ogidan on 14/11/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 411


 The upper chamber of the National Assembly on Tuesday queried the rationale behind the plan by the Federal Government to reduce the $8.1 billion fine imposed on the Mobile Telecommunication Network (MTN), a communication giant, to $800 million.

The development, which is presently causing controversy in the Senate, has been described as an issue that should not be ignored by the lawmakers.

The Senate maintained that it has interest in the issue, adding that what Federal Government does with the fine is of little interest to it.

The Senate, which said how the percentage of reduction from $8.1 billion to $800 million was arrived at is of interest to it, added that it should be intimated why the reduction became necessary and also what informed the penalty of $8.1 billion in the first instance.

A pointer to what Federal Government is planning, it was learnt, was that with the help of Central Bank of Nigeria (CBN) it may have concluded arrangements to cut the $8.1 billion fine to $800 million through the back door.

Speaking with newsmen, the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Adebayo Ibrahim, disclosed how the CBN failed to implement Senate resolutions passed to it before conducting another investigation into the alleged infraction by MTN.

Ibrahim, who said that his committee would immediately demand from CBN a detailed report on the matter to be better informed, noted that that is the only way Nigerians would know what transpired between the CBN and MTN on the $8.1 billion fine.

The lawmaker pointed out that the last time the Senate heard about the issue was when it had a little retreat last two weeks in Lagos, where CBN did the presentation of its biannual activities to the committee (Senate Committee).

Senator Ibrahim said that the CBN explained that its investigation was based on a petition from a law firm and its stand was that the penalty was correct.

Excerpted from a Daily Independent report

Source News Express

Posted 14/11/2018 12:11:40 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
BREAKING: Manchester United win FA Cup

15 Governors, Ambassadors to grace Calabar Carnival

Bauchi Govt to establish farm centres across 3...

Mass shooting in California, USA

Runaway London killer nabbed in Nigeria

MTN faces R4.6bn problem

Osun Election: My life in danger — Adeleke...

2015: Rivers APC clears the air on Dakuku...

FG vows to tackle electricity supply challenges

Sunny and hazy conditions likely today: NiMet

Coalition raps Osun lawmakers, demands passage of Local...

FG reaffirms commitment to reduce dependence on oil...

 

Latest News Kidnappers tie lecturer to tree, shoot him dead after ransom was paid 20,000 APC members defect to PDP in Akwa Ibom N27bn fraud: How EFCC arrested ex-Gov Orji’s son, friend at Abuja night club 2019: We’ll soon decide on Buhari, Atiku — Miyetti Allah Nigerian Army guilty of war crimes: ICC Obiano, Oye must go, says APGA chieftain Court orders trial of Prophet Ayorinde over alleged N118 million dud cheque PDP rejects Kashamu, insists Adebutu is ‘authentic’ Ogun guber candidate FG, ASUU break impasse with partial agreement Magu warns against vote-buying, calls for youth participation in political process 2019: INEC adopts card readers, rules out electronic results transmission Lagos, Osubi airports operate as FAAN suspends shutdown

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (429,522 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (394,598 views) Shameless Genevieve Nnaji exposes breasts in public (327,505 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (280,854 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (247,667 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,171 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (211,973 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,181 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,442 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,348 views) Lagos plane crash: Journalist releases victims’ names (167,121 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,618 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,872) Business Verdict (54) Columnists (972) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (311) International (2,805) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (69) News (41,338) Opinion (1,150) Pidgin (13) Politics (8,112) Religion (911) Sports (1,813) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera