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The South African company is also reported to have withdrawn its legal action against Nigeria.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.
“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.