MTN pays $250 million in Nigeria fine dispute
25 February 2016 |
South African telecoms company MTN has paid $250 million to Nigerian authorities to reach a potential settlement over a $3.9 million fine it faces from the government.
The payment from MTN follows a decision from the operator to withdraw the case from the Federal High Court in Lagos to “achieve an amicable settlement”. A judge in Lagos has given both parties until March 18 to reach a settlement.
“Pursuant to the ongoing engagement with the Nigerian Authorities, MTN Nigeria has today made a good faith payment of $250 million (50 billion naira),” said MTN, adding that the money was paid on the basis that it will go towards an eventual settlement.
Last October, MTN was fined $5.2 billion after missing a deadline to disconnect 5.1 million unregistered SIM cards. The Nigerian Communications Commission (NCC) later reduced the amount to $3.9 billion following an appeal from the operator.