MTN Pays N50 Billion Fine To NCC, Withdraws Suit

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MTN Pays N50 Billion Fine To NCC, Withdraws Suit

MTN Nigeria has withdrawn its suit against the Nigerian Communications Commission (NCC) and paid N50 billion for the resolution of the fine imposed on the telecommunications company.

NCC had fined MTN N1.04 trillion for failing to deactivate 5.1 million unregistered SIM cards but later reduced the amount to N780 billion after the first round of negotiations.

But in a swift reaction,MTN filed a suit on the December 31, 2015 but later requested an out-of-court settlement.

MTN withdrew the case at the federal high court in Lagos in response to a request by NCC on Wednesday.

“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.

“MTN paid N50bn to the federal government as a gesture of good faith and commitment to continued efforts towards an amicable resolution”, according to the telecoms company.

“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,” he added.