The federal government and telecommunication giant MTN have finally reached an agreement over the N1.04 trillion fine slammed on the South African company for failing to register mobile phone numbers as directed by the government.
Both parties reached an agreement after 8 months of negotiation. MTN has now agreed to pay N330 billion, which is about a third of the initial amount it was fined. The company also agreed to pay the sum over a 3-year period.
According to TheCable, the company, in a statement on Friday, also agreed to list its shares in the Nigerian Stock Exchange.
Phuthuma Nhleko, chairman of the group who retired in the heat of the crisis, led the negotiation process.
“The relationship between MTN, the Nigerian government and the Nigerian Communications Commission has been restored and strengthened,” he said in his resignation letter.