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MTN Fine: MTN Pays $251m Part Payment, Withdraws Court Case

Nairametrics by Nairametrics
February 24, 2016
in Business News
MTN On Track To Report $955m Profits From Nigeria

MTN On Track To Report $955m Profits From Nigeria

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Media reports confirm MTN has paid about $250 million out of the $3.9 billion fine imposed on it by the Nigerian Communications Commission.

The South African company is also reported to have withdrawn its legal action against Nigeria. MTN had taken the government to court hoping to get the fine slashed through legal proceedings.

MTN also contracted former American Attorney General, Eric Hold to help negotiate an out of court settlement with the government. Here is MTN’s statement.

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“MTN Nigeria has today made an agreed without prejudice good faith payment of 50 Billion Naira ($251.3 million) to the Federal Government of Nigeria on the basis that this will be applied towards a settlement, where one is eventually, hopefully arrived at, the company said.

MTN, makes about 37% of its sales from Nigeria and already issued a profit warning indicating that revenues could decline due to the poor economic situation in the country.

 

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 4

  1. Dennis Inegbedion says:
    February 24, 2016 at 1:55 pm

    I am sure they have considered the alternative of not being able to do business in Nigeria. Nice move by this administration.

    Reply
  2. El Komo says:
    February 24, 2016 at 2:11 pm

    MTN will going forward restructure their operations to NEVER fall foul or flout a Nigerian law. I am very sure about this. They will now take Nigerians seriously as they have now been put in their place and have confirmed that doing business in Nigeria is no longer business as usual.

    Reply
  3. john says:
    February 24, 2016 at 9:45 pm

    I wish Nigerians were not sentimental back in 2011, BUHARI would have saved this country Trillions back then, but the pdp LIE machinery won the hearts of nigerians. Look at us today.

    Reply
    • Xanthos1 says:
      February 25, 2016 at 10:55 am

      when we finally have him, many still can’t appreciate the little difference ha can create

      Reply

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