Share This Information on:
Senator representing Bayelsa East senatorial district
Ben Murray- Bruce, has described the imposition of
$5.2 billion fine on MTN Nigeria by the Nigerian
Communications Commission (NCC) as a bad signal to
foreign investors.
In a statement made available to Journalists in Abuja,
Murray-Bruce who was named Senate Committee
Chairman on Privatization, yesterday, noted that the
decision will hurt Nigeria and investors coming to the
country.
“The recent $5.2 billion fine imposed on MTN Nigeria
by the Nigerian Communications Commission is
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. 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.
“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.
“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,”
Murray-Bruce said.
Source: INFORMATION NG
It Will Only Take You Seconds To Share This Information on: