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.