The MTN Group has hired former United States of America’s Attorney-General, Eric Holder, to help resolve the lingering issue of N1.04 trillion fine imposed on it by the Nigerian Communications Commission (NCC) on its refusal to deregister about 5m lines without proper registration. The fine was later reduced to N780 billion.
According to Financial Times, Holder visited Nigeria, precisely Abuja in January to plead with top government officials on behalf of MTN. “His experience as attorney-general in dealing with a lot of corporate problems was interesting to MTN,” the publication quoted a source close to the negotiations as saying.“The company hoped Holder’s experience and stature could inject some balance into the equation.”
Mr. Holder was the US Attorney-General between 2009 and 2015. He presided over the biggest corporate settlements in US history. These included the $13 billion that JPMorgan Chase paid over the sale of mortgage-backed securities before the financial crisis, and BP’s $18 billion fine for the Horizon oil spill.
Financial Times disclosed that a top government official who is aware of the deal with Holder, expressed dissatisfaction, saying: “Why would Eric Holder change anything? It looks a little desperate, like they couldn’t find anyone with proximity who is able to influence the president.”
The publication said MTN declined to comment on the allegations of hiring Holder. The telecommunications operator resorted to legal option after losing in the bid to make the government soft pedal on the sanction.
