NCC insists $3.9bn MTN fine will not scare investors

The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Garba Danbatta, on Thursday insisted that the $3.9 billion fine it imposed on the telecommunication giant MTN for SIM card registration infarctions, will not scare away foreign and local investors.

He said investors are ready to invest in jurisdiction where industry rules and sanctions are transparently applied across board no matter who is involved.

The EVC said: 'The truth of the matter is that investors want jurisdictions where the rules are certain and they know if these rules are breached there will be sanctioned and that these rules are applied across board no matter who you are.'

Answering questions from the media at the first annual conference on Financial Fraud, Cyber-crime and Cross-border crimes organized by Forensic Insight International in Abuja, the NCC boss, who was represented by Mrs. Yetunde Akinloye, the commission's Head of Legal and Regulatory Department, said section 4 of its 2003 Act mandates its to encourage inflow of both foreign and local investors. Thisday