Africa’s largest mobile operator, MTN has withdrawn its suit against the Nigerian Communications Commission (NCC) and paid N50 billion ($280million) towards an amicable resolution of the fine imposed on the telecoms giant.
The Nigerian regulators had fined MTN N1.04 trillion ($5.1 billion) for failing to deactivate 5.1 million unregistered SIM cards and later reduced the amount to N780 billion ($3.1 billion) after the first round of negotiations.
However, MTN filed a suit as the December 31, 2015 deadline drew near, and later requested an out-of-court settlement in a dramatic twist.
On Wednesday, the mobile phone company finally withdrew the case at the federal high court in Lagos in response to a request by the Nigerian authorities.
In a statement released by MTN, Ferdi Moolman, the CEO of MTN Nigeria said:
“This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.
“MTN paid N50bn to the federal government as a gesture of good faith and commitment to continued efforts towards an amicable resolution.
“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.