Read why MTN paid FG N50 billion

– MTN has withdrawn its suit against the Nigerian Communications Commission (NCC)

– The NCC had fined MTN N780 for failing to deactivate 5.1 million unregistered SIM cards

– MTN chief executive officer, Ferdi Moolman described the gesture as an art of good faith

Telecommunications giant, MTN on Wednesday, February 24, withdrew its suit from the federal high court in Lagos against the Nigerian Communications Commission (NCC) and paid N50 billion towards an amicable resolution.

TheCable reports that the NCC had fined MTN N1.04 trillion for failing to deactivate 5.1 million unregistered SIM cards and later reduced the amount to N780 billion after the first round of negotiations.

READ ALSO: MTN Alerts Subscribers On Illegal Fees

MTN filed a suit as the December 31, 2015 deadline drew near, and later requested an out-of-court settlement.

The chief executive officer, MTN Nigeria, Ferdi  Moolman, described the gesture as an art of good faith and commitment to continued efforts towards an amicable resolution.

He said: “This is a most encouraging development. It demonstrates a willingness and sincerity  by both parties to work together towards a positive outcome.”

READ ALSO: Court Bans MTN’s Access To Nigerian Funds

“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,” Moolam added.

Recall that MTN recently paid the sum of N1.8 million to an aggrieved subscriber, Omeje Chukwuma Fidelis who won a promo in 2012.

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