The Nigerian government is N50bn richer, courtesy of MTN

The Federal Government has confirmed the receipt of N50 billion from telecommunications giant- MTN.

The telecoms company had on Wednesday, revealed that it had paid the said amount, as part of the N1.04 trillion fine imposed on it by the Nigerian Communications Commission.

In October 2015, NCC had slammed a fine of N1.04 trillion on MTN for failing to deactivate over 500,000 unregistered subscribers after repeated warnings had been issued to this effect.

Back then, the initial fine was $5.2 billion but it was later reduced by 25 percent to $3.9 billion after intense lobbying by MTN.

Speaking to journalists on Friday, the Special Assistant to the Minister of Communications, Victor Oluwadamilare, disclosed that MTN made the payment with a precursor for an out of court settlement over the matter.

Oluwadamilare added that the development was in line with promisedby MTN to resolve the issue with the NCC, in an amicable manner.

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