Ben Murray Bruce, chairman senate committee on privatisation, has condemned the N1.04tr ($5.2bn) fine imposed on MTN Nigeria, saying it hurts Nigeria more than the telecommunications firm.
The fine imposed by the Nigerian Communications Commission (NCC) was referred to by the senator as “probably the most damaging action ever taken against Nigeria’s drive for Foreign Direct Investment”.
“MTN is not without fault and her actions and inactions are deserving of a strong rebuke from our authorities,” he said.
“However, the extent of the fine by the Nigerian Communications Commission is such that it sends a very wrong signal to foreign investors and gives them the impression that Nigeria is in a desperate financial situation due to the sudden drop in crude oil prices and wants to get alternative revenue by any means necessary.
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“As a patriotic Nigerian I know this is not true. However, I know that perception is also reality.
“Foreign investors in Nigeria currently feel vulnerable and those contemplating investing in Nigeria are putting such plans on hold as their boards and management pause to take in the consequence of what just happened to MTN Nigeria.
“Many pundits point to the drop in the value of MTN shares in their home country and the temporary suspension in trading of such shares by the Johannesburg Stock Exchange.”
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He called on the federal government to immediately and publicly take action to regain investors confidence in Nigeria.
“What is perhaps going unnoticed is that the action of the Nigerian Communications Commission has also caused a negative ripple effect on the shares of other foreign investors operating in Nigeria even though they have not flouted any of our laws and regulations.
“In the long run, the move hurts Nigeria more than it hurts MTN and may be described as cutting our nose in order to spite our face.
“I call on the Federal Government to immediately and publicly take steps to remedy the situation and restore investor confidence in Nigeria by resolving this impasse with tact with a view to our long term financial interests rather than our immediate interests.
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MTN has sought to review the fine to as low as 20 percent of the original value from N1.04tr to N208bn.
7 comments
foreign company should obey the regulations in the country, foreign oil companies has been damaging your south south region eco-system without a wimper from you. stronger regulatory compliance environment will invariably attract FDIs in the long run because they are sure of operating without bribing people like you in power to influence unethical business practice…
So, Oga Bruce is telling us that every foreign investor is hoping to come to Nigeria to break our laws and get away with it? He is telling us there are no investors who want to do clean business? He wants us to believe that every investor necessarily needs to be guaranteed that he can break our laws to survive? Is there something in PDP that has bugged this man to the point that he just has to antagonize everything about government? This man needs help! All men and women of goodwill should help him before he becomes a broken record.
This Senator is not in sync. Go see how U.S fines companies.
I am disappointed in this Senator called Bruce. Its high time, PMB should ask him about the NTA’s equipments diverted to SilverBird .. Thank God, gone are the days where a foreign firm will go and bribe the legislators to bypass our laws. His statement is damaging Nigeria more than MTN
Mr. Bruce, please don’t damage your reputation if you think you have one because we suffer the same fate elsewhere in the world. Any investor who wants to do business in Nigeria should do that in clear terms. I am really ashamed by your comment knowing you come from the South-South region of Nigeria. I have been looking for your comments about the detriment caused by the environmental degradation and oil spillages by oil companies in your region but i found none. I guess that is what you should be talking about now you have the opportunity to do so and not talking on issues that is of no concern to you. I may as well guess you have a large stake on MTN. Ok, have you ever considered the high rates they charge customers and the inconveniences they give to customers with their uncountable useless messages. I believe you don’t know about this, right? You were elected to the very position you are by the people and you better go to the grass-root and know what their problems are and solve them instead of opening your mouth widely and vomiting arrant nonsense you call a speech. Who even cares about foreign investors in Nigeria? What has been the impact of foreign investors in Nigeria from the day of the Colonial masters till date? Are your presumed foreign investors coming to toe on the path of their predecessors? What have you and your fellow colleagues done on the environmental decay in the Niger-Delta Region? Time-up MR. BRUCE………Another sheriff is in town (PMB)
Dear Bruce, if you don’t mind i would like the answers to some of the questions above.
Thanks.
Mr. Bruce, please don’t damage your reputation if you think you have one because we suffer the same fate elsewhere in the world. Any investor who wants to do business in Nigeria should do that in clear terms. I am really ashamed by your comment knowing you come from the South-South region of Nigeria. I have been looking for your comments about the detriment caused by the environmental degradation and oil spillages by oil companies in your region but i found none. I guess that is what you should be talking about now you have the opportunity to do so and not talking on issues that is of no concern to you. I may as well guess you have a large stake on MTN. Ok, have you ever considered the high rates they charge customers and the inconveniences they give to customers with their uncountable useless messages. I believe you don’t know about this, right? You were elected to the very position you are by the people and you better go to the grass-root and know what their problems are and solve them instead of opening your mouth widely and vomiting arrant nonsense you call a speech. Who even cares about foreign investors in Nigeria? What has been the impact of foreign investors in Nigeria from the day of the Colonial masters till date? Are your presumed foreign investors coming to toe on the path of their predecessors? What have you and your fellow colleagues done on the environmental decay in the Niger-Delta Region? Time-up MR. BRUCE………Another sheriff is in town (PMB)
Dear Bruce, if you don’t mind i would like the answers to some of the questions above.
Thanks.
The issue of Nigerias security must be paramont on the mind of people like Ben Bruce, Iam highly dissapointed in him for not understandind the security implications of using an unregistered sim card many innocent Nigerians have been victims of terrorism, kidnapping and very serious crimes due to the use of this untraceable sim cards. Ben Bruce should understand that in sanner climates such issues are taking very seriously and any breach will be dealth with ruthlessly because the security of a nation far out ways any financial gain. Mr Bruce on this one you erred.