N1.4tn fine: Court stops MTN from moving it’s money out of Nigeria

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Yesterday, the Federal High Court in Lagos barred MTN from moving any funds it may have in Nigerian banks, abroad until the hearing of its suit challenging the N1.4 trillion fine imposed on it by the
Nigerian Communications Commission ( NCC ).

The FG had, through a motion ex-parte, sought an order of mareva injunction restraining the 21 commercial banks from releasing any funds belonging to MTN.

MTN is urging the court to quash the sanction imposed on it by NCC in October, 2015, for failing to disconnect unregistered subscribers. The initial fine of $5.2bn was reduced to $3.9bn December, 2015…. mandating MTN to give out free 10mb to each of its customers wld av been a more ideal fine tho…..

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