MTN pays N50 billion to FG, withdraws suit

MTN fine

MTN Nigeria has withdrawn its suit against the Nigerian Communications Commission and paid N50 billion for the resolution of the fine imposed on the telecommunications company.

MTN was fined N1.04 trillion in 2015 for failing to deactivate 5.1 million unregistered SIM cards, however, the fine was later reduced to N780 billion after the company entered into negotiations with the Nigerian government.

The telecommunications giant, commenting on the resolution on Wednesday, stated that: “MTN paid N50bn to the federal government as a gesture of good faith and commitment to continued efforts towards an amicable resolution.”

“This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome,” the CEO of MTN Nigeria, Ferdi Moolman said.

“We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties. Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT particularly as a much needed catalyst for socio-economic growth and development at this time.”

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