$3.9 billion Fine: MTN Employs For US Attorney General Eric Holder For Help

MTN has employed the services of former US Attorney General to help challenge the $3.9 billion fine imposed by the Nigerian Communications Commission (NCC) for failing to disconnect unregistered users according to the Financial Times.

The former U.S. law enforcement officer, Eric Holder is said to have pleaded with Nigerian officials last month on behalf of MTN without any fruitful outcome.

Holder, is very experienced as he led the U.S. Justice Department from 2009 to 2015, making him one of President Barack Obama’s longest-serving cabinet members, he returned to law firm Covington & Burling, where he was previously a partner from 2001 to 2009.

NCC originally fined MTN $5.2 billion in October 2015, but the telecoms giant lobbyied for weeks to have the fine reduced by 25% to $3.9 billion.

MTN also took the matter to a Lagos high court to quash the case, but the judge handling the matter gave MTN until March 18 to try to reach a settlement over the fine.

The Minister of Communications, Adebayo Shittu, had last month said, that the Federal Government expects no out-of-court settlement with MTN over the $3.9 billion fine, unless MTN withdraws its lawsuit.

Reuters originally reported this story

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.


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