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The South African company is also reported to have withdrawn its legal action against Nigeria.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.
![TNS Event](https://i.ibb.co/8cBH227/thumbnail-TNS-GOOGLE-RESIZE-300x250.jpg")
I am sure they have considered the alternative of not being able to do business in Nigeria. Nice move by this administration.
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.
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.
when we finally have him, many still can’t appreciate the little difference ha can create