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Thursday, 5 November 2015

Ben Murray-Bruce - Fine on MTN can chase away foreign investors


The lawmaker representing Bayelsa East Senatorial District, Senator Ben Murray-Bruce has condemned the $5.2 billion fine imposed on MTN Nigeria by the Nigerian Communications Commission, NCC, describing such as damaging and capable of chasing away investors from the country.

Murray-Bruce, who disclosed this in Abuja yesterday, insisted that the fine “is probably the most damaging action ever taken against Nigeria’s drive for Foreign Direct Investment.”

Noting that MTN might not be without fault and that its actions might be deserving of strong rebuke from authorities, he stated that, “the fine imposed by the NCC sends wrong signals to investors.”

Bruce, who said the NCC’s action was already sending signals to the financial world, added that the fine was creating the impression that Nigeria was “in a desperate financial situation due to the sudden drop in crude oil prices and wants to get alternative revenue by any means necessary.”
According to him, “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.

“I call on the Federal Government to immediately and publicly take steps to remedy the situation and restore investors’ confidence in Nigeria by resolving this impasse with tact with a view to our long-term financial interests, rather than our immediate interests,” he stated.

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