JUST IN: MTN Withdraws Suit Against NCC, Pays N50bn Out-Of-Court Settlement
Telecommunications giant MTN on Wednesday withdrew its legal suit challenging the imposition of a fine against the Nigerian Communications Commission (NCC) and paid the sum of N50 billion in an out-of-court settlement.
The telecoms giants withdrew the case at the Federal High Court in Lagos in response to a request by the NCC.
“This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome,” CEO of MTN Nigeria, Ferdi Moolman told reporters.
“We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties. Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT particularly as a much needed catalyst for socio-economic growth and development at this time.”
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 had fined the company N1.04 trillion for failing to deactivate 5.1 million unregistered SIM cards and later reduced the amount to N780 billion following a series of negotiations.
It will be recalled that millions of Nigerians have been were subjected to varying degrees of inconveniences last year following MTN’s poor handling of the SIM registration exercise, prompting the sanction on the company.