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MTN withdraws suit against NCC, pays N50bn as first part of eventual settlement
Society

MTN withdraws suit against NCC, pays N50bn as first part of eventual settlement

Yemisi Oshodi

MTN has paid N50bn ($251 million) toward a record $3.9bn fine for missing a deadline to disconnect subscribers and will continue negotiations with the FG. The payment was made on the basis that this will be applied toward a settlement, where one is eventually, hopefully arrived at.

MTN also agreed to withdraw the matter from the High Court in Lagos as part of efforts to reach a settlement. MTN was hit with the penalty after failing to comply on time with an order to disconnect 5.1 million customers deemed to be unregistered. The payment is about 6% of the total fine but represents about 27% of MTN’s annual earnings before interest, depreciation, taxes, amortization.