Leading telecommunications company, MTN Nigeria, has withdrawn its suit against the Nigerian Communications Commission (NCC) and paid the sum of N50 billion out of the N780 billion fine the NCC imposed on it.
The NCC had fined MTN Nigeria a record N1.04 trillion last October for failing to deactivate 5.1 million unregistered lines from its network.
Following weeks of high-level negotiation between the company and government officials, the fine was reduced to N780 billion.
Dissatisfied with the reduction, MTN dragged the Nigerian Government before a Federal High Court in Lagos, seeking to stop the payment of the fine, for which the NCC gave it a Dec. 31st 2015 deadline to pay.
However, last month, MTN Nigeria indicated its willingness to settle out-of-court.
A statement issued by the telecommunications company on Wednesday states that the sum of N50bn was paid to the federal government
MTN Nigeria’s CEO, Ferdi Moolman, while speaking on the new development, said: