MTN, the leading telecommunication company in Nigeria, has, on Wednesday, withdrawn its suit against the Nigerian Communications Commission [NCC].
The telecommunication giant agreed to pay the sum of 50 billion Naira out-of-court settlement.
MTN bowed to NCC pressure which had maintained that it will not enter into any negotiations with MTN until and unless it withdraws the case at the Federal High Court, Lagos.
Speaking on the withdrawal, the CEO of MTN Nigeria, Ferdi Moolman [above], said, “This is a most encouraging development.
“It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
He further added that MTN paid N50bn to the federal government “as a gesture of good faith and commitment to continued efforts towards an amicable resolution.”
NCC, last year, fined MTN the sum of N1.04 trillion for failing to deactivate 5.1 million unregistered SIM cards and later reduced the amount to N780 billion after the first round of negotiations.
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