Shittu to Brief Reps on MTN Fine Reduction, As NCC Prepares New CGC for Industry

Barrister Adebayo Shittu, minister of Communication Technology, has confirmed he will appear before the House of Representatives Committee on Communications, tomorrow (Thursday) to give explanation on why MTN’s N1.04tr fine was reduced to N330billion.

The House Committee chaired by Hon. Saheed Fijabi had frowned, seeking further details on the mode of payment granted to the telecommunication giant by the Federal Government.
 
Recall that the Minister was absent on Monday when the House of Committee was asking for more reasons why the imposed fine by Nigeria Communications Commission (NCC), on the telecommunications company was hugely reduced.
 
Meanwhile, Abubakar Malami, minister of Justice and Attorney General of the federation,  who was also invited for explanation could not appear before the fact finding committee on same date (Monday).
 
But, the Minister of ComTech who spoke to IT on journalists in Lagos, said that a reschedule with the Committee for hearing on the matter will hold on Thursday.
 
He said, “I won’t pre-empt the session but I call tell you that by Thursday(June 23rd) when we will now meet, government position and explanations on decision taken will be given.”
 
Though, Prof. Garba  Dambatta, executive vice chairman of NCC, and Tony Ojobo, director of Public Affairs, were present at the session which was fifth in the series on the matter, but reports in the national dailies showed that the meeting ended deadlock as some investigative questions were still begging for answer.
 
Fijabi expressed disappointment over the issue wondering why the huge reduction on the fine was effected adding that the condition attached to the reduction that MTN trades on the Nigerian Stock Exchange “is a Business benefit to MTN.”
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Also recall that the Reps Committee had rejected MTN’s offer to pay N330billion instead of the N1.04 trillion it was fine by NCC.
 
Meanwhile, there are indications that the Information Communication Industry will soon have a new Corperate Governance Code as the industry regulator (NCC) has put forward a review of the existing code with stakeholders in the industry.
 
It would be recalled that at the 2013 Akintola Williams lecture series with the theme: "Good Corporate Governance in Nigeria- The Telecommunications Sector Example", NCC, was lauded as an epitome of a good regulator in the country through good corporate governance that has been sustained over the years.
 
This came after NCC sets up of a Corporate Governance Working Group, CGWG, between 2012 and 2013 on corporate governance for the industry, which eventually led to the launching of the Corporate Governance Code for telecommunications service providers in 2013.
 
But, roughly three years down the line, the industry regulator is putting forward a review of the business ethics code in the industry.

According to Prof. Dambatta, this has become necessary since good corporate governance in institutions encourages corporate success and business sustainability.
 
He said “We are not relenting as things are evolving in ensuring that policy that captures mode of operations are reviewed. This review became necessary following the increasing significance of corporate governance beyond the capital markets, where according to him there is enforcement through listing rules and compliance with best practices".

He described it as a voluntary code of leading practices which aims at guiding corporate behaviour and practices of companies within the industry.