BEVERLY HILLS, February 03, (THEWILL) – Mobile telecommunication company, MTN has employed the services of a former Attorney-General of the United States, Mr. Eric Holder to intervene on its behalf in the N1.04 trillion fine imposed on the company by the Nigerian Communications Commission, NCC.
Barely two weeks ago, the company sought an out-of-court settlement in the penalty it attracted for failing to disconnect 5.2 million unregistered subscribers. Having failed to make the government soft pedal on the sanction, it had resorted to legal option.
But when the company wanted out-of-court settlement, Justice Mohammed Idris of the Federal High Court in Lagos adjourned the matter till March 18, 2016. The company was reported to have engaged the services of over seven senior advocates of Nigeria as its lawyers.
However, Financial Times is reporting that Holder visited Abuja in January to plead with top government officials.
A source close to the negotiations told the publication that Holder’s “experience as attorney-general in dealing with a lot of corporate problems was interesting to MTN,” adding that “The company hoped Mr. Holder’s experience and stature could inject some balance into the equation.”
As US Attorney-General between 2009 and 2015, Holder was said to have presided over the biggest corporate settlements in that country’s history. These included the $13bn that JPMorgan Chase paid over the sale of mortgage-backed securities before the financial crisis, and BP’s $18bn fine for the Horizon oil spill.
Meanwhile, a top government official, who aware of the deal with Holder, reportedly 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.”
