MTN Nigeria on Friday announced it has reached a final resolution on the N1.04 trillion fine imposed by the Nigeria Communications Commission (NCC) in October 2015.
The telecom firm was sanctioned by the regulatory authority over its refusal to disconnect 5.1 million improperly registered lines within the prescribed deadline.
MTN said in a statement Friday that after several weeks of negotiations, an agreement was reached with the Nigerian government on terms acceptable to all parties.
â€œMTN will pay the NCC the sum of N330 billion in full and final settlement of the fine in line with an agreed payment plan,â€ the MTN Nigeria Chief Executive Officer, Ferdi Moolman, said in a statement.
In addition to the monetary settlement, Mr. Moolman said MTN Nigeria would commit to complying with the Code of Corporate Governance for the telecommunications industry.
He said the company would also take steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as is commercially and legally possible as well as ensure full compliance of its license terms and conditions as issued by the NCC.
â€œMTN Nigeria once again offers its most sincere apologies for the series of unfortunate events that led to the imposition of the fine,â€ Mr. Moolman said.
The NCC is yet to confirm the agreement, as the Director of Public Affairs, Tony Ojoboh, was yet to respond to enquiries