EFCC operatives

The Economic and Financial Crimes Commission (EFCC) may open an investigation into the financial dealings of MTN Nigeria, the largest GSM service provider in the country with market share of over 40 percent.

The PoliticalEconomistng.com, an online news portal quoting sources at the EFCC, Awolowo Road, Lagos office reported that  the investigation was sequel a petition filed by an undisclosed Nigerian government agency against MTN.

According to the news portal, the EFCC source said the Commission would be prying into the dealings and the books of the telco with a view to establishing if it was conforming to financial rules.

The investigation would also zero in on whether the non-disconnection of the controversial SIMs gave MTN Nigeria any undue market share advantage over other network operators.

The Nigerian Communications Commission, the nation’s telecommunications regulator, had slammed  MTN Nigeria a hefty fine  of N1.4 trillion  or $5.2 billion, for failing to disconnect subscribers with unregistered SIM cards bought before January 2012.

Phone companies were told to register their existing customers’ SIM cards, which MTN Nigeria – the biggest telecommunications firm in Nigeria – failed to do.

The fine is the largest in the history of telecom infringements in Nigeria and may redefine the relationships between telecommunications operators and the regulator.