Africa’s largest mobile operator MTN has been urged by Nigeria’s communications minister to drop its lawsuit in order to foster a settlement.<\/p>\n
The Nigerian Communication Commission (NCC) fined MTN \u20a61.04-trillion (around R71-billion at the time) in October 2015 for not disconnecting unregistered SIMs on its network.<\/p>\n
After negotiations with Nigerian authorities, the fine was reduced by 25% to \u20a6780-billion.<\/p>\n
MTN then opted to take the matter to court in Lagos, thereby missing a 31 December deadline imposed by the Nigerian government.<\/p>\n
“I\u2019m not aware of any out-of-the-court settlement,” Communications Minister Adebayo Shittu told Reuters<\/a>.<\/p>\n Shittu said President Muhammadu Buhari would have the final decision on the matter, adding that MTN might be advised to withdraw the court case filed against the fine.<\/p>\n “If they withdraw, it creates a better environment, an environment where there is no stress or pressure on either side,” he said.<\/p>\n The Federal High Court in Lagos, Nigeria has given the company until mid March to reach a settlement relating to a multi-billion dollar fine it uncured late last year in the country.<\/p>\n Shares in MTN traded 1.65% lower\u00a0 to\u00a0R122.82 in afternoon trade on Tuesday (26 January), having ticked up over the past few sessions on hope of a settlement.<\/p>\n MTN in stand-off over massive fine: report<\/a><\/strong><\/p>\n MTN to challenge Nigeria fine in the high court<\/a><\/strong><\/p>\nMore on MTN<\/h3>\n
MTN shares jump amid fresh hopes of settlement in Nigeria<\/strong><\/a><\/h3>\n