{"id":43517,"date":"2015-11-09T12:25:29","date_gmt":"2015-11-09T11:25:29","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=43517"},"modified":"2015-11-09T12:54:44","modified_gmt":"2015-11-09T11:54:44","slug":"osinbajo-mounts-pressure-on-nsa-ncc-over-mtn-5-2billion-fine-mtn-ceo-resigns","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/osinbajo-mounts-pressure-on-nsa-ncc-over-mtn-5-2billion-fine-mtn-ceo-resigns\/","title":{"rendered":"Osinbajo Mounts Pressure On NSA, NCC Over MTN $5.2billion Fine \u2026MTN CEO Resigns"},"content":{"rendered":"<p style=\"text-align: justify;\">Fresh facts have emerged that suggests Vice President,\u00a0 Yemi Osinbajo, is\u00a0mounting pressure on Nigeria Communications Commission (NCC), and the\u00a0National Security Adviser ( NSA ),\u00a0 to soft pedal on telecommunications\u00a0giant, MTN, Nigeria.<\/p>\n<p style=\"text-align: justify;\">This is even as the MTN Chief Executive Officer Sifiso Dabengwa has\u00a0resigned following the $5.2billion fine slammed on the South African\u00a0Telecom giant by the Nigerian Government.<\/p>\n<p style=\"text-align: justify;\">Osinbajo,\u00a0 is a top shareholder in MTN. Apart from his law firm, known as\u00a0SimmonsCooper, the Vice-President also declared shareholding in six\u00a0private companies based in Lagos, including Octogenerium Ltd., Windsor\u00a0Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria.<\/p>\n<p style=\"text-align: justify;\">MTN was fined $1,000 for each line uncut by the Nigerian Communications\u00a0Commission (NCC) resulting to its $5.2 billion fine.<\/p>\n<p style=\"text-align: justify;\">Pointblanknews.com gathered that the VP has met with the MTN official\u00a0clandestinely and currently using some proxy to dish out information to\u00a0the telecoms company.<\/p>\n<p style=\"text-align: justify;\">It was learnt that President Muhammadu Buhari is not very happy about the\u00a0involvement of his vice, and has asked the National Security Adviser to\u00a0rebuff any attempt by anyone to influence decision.<\/p>\n<p style=\"text-align: justify;\">It was learnt that the vice president has urged the NSA, and officials of\u00a0NCC to accept the apologies of MTN Nigeria,\u00a0 and appealed to them to\u00a0reduce the fine since it has affected their finances, and shares.<\/p>\n<p style=\"text-align: justify;\">It has lost more than $2.7b from people migrating from its shares to\u00a0others since this incident.<\/p>\n<p style=\"text-align: justify;\">According to a source, \u201c I can confirm that the commission has received an\u00a0official letter from MTN admitting its guilt and pleading for leniency.\u00a0However, the power to grant the leniency is no longer entirely on NCC\u2019s\u00a0hands but that of the presidency. But there are also indications that the\u00a0Federal Government may ask us to reduce the fine to an appreciable level.\u00a0An official of the company who spoke with our correspondent on condition\u00a0of anonymity considering the actors involved,\u00a0 refused to release details\u00a0of the VP&#8217;s involvement in the meetings because his lines may be bugged\u00a0and conversations traced.<\/p>\n<p style=\"text-align: justify;\">A delegation of MTN officials from the company\u2019s headquarters in South\u00a0Africa, led by the company\u2019s Chief Executive Officer, Sifiso Dabengwa,\u00a0were said to be in Nigeria to plead for a lower penalty. NCC gave MTN\u00a0until <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_464671428\"><span class=\"aQJ\">November 16<\/span><\/span> to pay the fine.<\/p>\n<p style=\"text-align: justify;\">An NCC official confirmed that the MTN delegation from South Africa is in\u00a0the country.<\/p>\n<p style=\"text-align: justify;\">He said, \u201cI can confirm to you that, yes, the MTN big guns were in the\u00a0country. They have been in touch with us although we are yet to meet\u00a0officially. We have told you we are not directly in charge of this case<br \/>\nagain. The office of the National Security Adviser (ONSA) has taken over.<\/p>\n<p style=\"text-align: justify;\">Although Osinbajo spokesman,\u00a0 Laolu Akande denies the involvement of his\u00a0boss, checks by <a href=\"http:\/\/pointblanknews.com\/\" target=\"_blank\" rel=\"noreferrer\">pointblanknews.com<\/a> reveal that top brass of the company\u00a0and shareholders , including the Vice President are\u00a0 deeply worried about\u00a0the slide in the fortunes of the company since the fine.<\/p>\n<p style=\"text-align: justify;\">MTN\u2019s shares in Johannesburg had fallen by about 25% since the fine was\u00a0announced on Monday last week, wiping about 60bn rand (\u00a32.7bn) off its\u00a0market value, with the company now worth about \u00a313bn.The stock was down\u00a05.5% after trading recommenced following the company\u2019s announcement that\u00a0it was in talks with Nigerian authorities about reducing the fine.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, MTN Group Ltd. said Chief Executive Officer Sifiso Dabengwa\u00a0resigned from Africa\u2019s biggest mobile-phone company following a $5.2\u00a0billion fine by Nigerian regulators related to unregistered subscribers,\u00a0according to a Bloomberg report.<\/p>\n<p style=\"text-align: justify;\">Non-Executive Chairman Phuthuma Nhleko has agreed to act as executive\u00a0chairman for a maximum period of six months while the company identifies a\u00a0successor to Dabengwa, Johannesburg-based MTN said in a statement on\u00a0Monday. Dabengwa resigned over the weekend after consultation with the\u00a0board and his financial compensation hasn\u2019t been resolved, spokesman Chris<br \/>\nMaroleng said by phone.<\/p>\n<p style=\"text-align: justify;\">\u201cDue to the most unfortunate prevailing circumstances occurring at MTN\u00a0Nigeria, I, in the interest of the company and its shareholders, have\u00a0tendered my resignation with immediate effect,\u201d Dabengwa said in the\u00a0statement.<\/p>\n<p style=\"text-align: justify;\">MTN has until <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_464671430\"><span class=\"aQJ\">Nov. 16<\/span><\/span> to pay the Nigeria penalty, which relates to the\u00a0timing of the disconnection of 5.1 million subscribers and is based on a\u00a0charge of 200,000 naira ($1,008) for each unregistered customer. The\u00a0company\u2019s shares lost almost a quarter of their value following the\u00a0disclosure of the fine, before a partial recovery.<\/p>\n<p style=\"text-align: justify;\">\u201cI proactively deal with the Nigerian regulator and will continue to work\u00a0with them in addressing the issues around unregistered subscribers as a\u00a0matter of urgency,\u201d Nhleko said.<\/p>\n<p style=\"text-align: justify;\">MTN will continue to inform shareholders of any material engagements with\u00a0the Nigerian authorities, the company said.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Fresh facts have emerged that suggests Vice President,\u00a0 Yemi Osinbajo, is\u00a0mounting pressure on Nigeria Communications Commission (NCC), and the\u00a0National Security Adviser ( NSA ),\u00a0 to soft pedal on telecommunications\u00a0giant, MTN,&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":43542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-43517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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