The ongoing battle between MTN and the Federal Government over the $3.9 billion fine imposed by the Nigerian Communications Commission (NCC) may soon be resolved according to Reuters. The report suggest the fines will most likely be reduced but did not disclose by how much.
MTN had earlier been ordered by the NCC to pay the $3.9 billion fine by Dec.31, with a source confirming that appropriate action will be taken should MTN fail to meet the deadline, while a judge had advised both parties to try to settle out of court.
“There’s growing understanding within the NCC that the fine should be commercially reasonable,” a source close to the matter said.
The other source revealed that a further reduction from $3.9 billion was a “possibility” because “the tone of the NCC is not combative anymore.”
MTN had last month employed the services of former US Attorney General, Eric Holder to help challenge the $3.9 billion fine imposed by the NCC.
The telecoms giant recently issued a profit warning informing investors that they expect its full year profits to drop by about 20% due to “under performance in Nigeria” its largest market.
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