MTN Group appears to have paid about N50 billion out of the N780 billion fine imposed on it by the Nigerian Communications Commission (NCC).
The company, in a statement, explained that the payment was made “on the basis that this will be applied toward a settlement, where one is eventually, hopefully arrived at.
MTN also agreed to withdraw the matter from the High Court in Lagos to achieve an “amicable settlement.
“In renewed steps towards a negotiated settlement and to create a conducive atmosphere for further negotiations, MTN Nigeria today withdrew its case against the NCC at the Federal High Court of Lagos in response to a request by the authorities.
“MTN Nigeria has paid N50 Billion to the Federal Government as a gesture of good faith and commitment to continued efforts towards an amicable resolution”, the statement added.
Meanwhile, the Special Assistant to the Minister of Communications, Mr Victor Oluwadamilare, in a telephone interview, said the ministry cannot ascertain the claimed payment from MTN Nigeria.
The company’s stock has declined 31 percent since the fine originally set at $5.2 billion was made public in October last year.
The NCC had imposed a N1.04 Trillion fine on MTN Nigeria in October 2015, for its failure to disconnect 5.1 Million improperly registered lines within the prescribed deadline.
The fine was adjusted by 25% to N780 billion, an amount that was considered inimical to the survival of the business.
