After an eight month long negotiation, MTN has agreed to pay N333 billion ($1.7 billion) to the federal government over a space of three years.
The group, in a statement on Friday, said it will also ensure the listing of its shares in the Nigerian Stock Exchange.
The agreed sum is a third of N1.04 trillion, the original penalty MTN got from the Nigerian Communications Commission (NCC) for failing to comply with a directive to disconnect 5.1 million improperly registered lines before the deadline given to telecoms operators in the country.
Although the fine was subsequently reduced by 25 per cent to N780 billion, MTN Nigeria failed to pay the penalty.
Phuthuma Nhleko, chairman of the group who retired in the heat of the crisis, led the negotiation process.
“The relationship between MTN, the Nigerian government and the Nigerian Communications Commission has been restored and strengthened,” he said in his resignation letter.
Source:Thecable
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