OrderPaperToday – As the $5.2bn fine imposed on telecoms giant, MTN continues to generate ripples, Sen. Ben Bruce has flayed the Nigeria Communications Commission (NCC) saying the decision is capable of keeping foreign investors away from the country.
Bruce who represents Bayelsa East senatorial district said the fine “is probably the most damaging action ever taken against Nigeria’s drive for Foreign Direct Investment” and called on the government to immediately address the issue.
He said: “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.”
Although he said MTN deserves to be sanctioned for any breach of regulations, Bruce insisted that “the fine imposed by the NCC sends wrong signals to investors” especially at a time when 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”.