
Nigerian telecommunication minister Adebayo Shittusaid today tuesday that South African telecommunication company MTN should drop its legal action over a $3.9 billion fine imposed in Nigeria to help facilitate talks on a possible settlement.The Nigerian Communications Commission {NCC} slapped a $5.2 billion fine on MTN in October 2015 for failing to disconnect users with unregistered SIM cards but after weeks of negotiations reduced it by 25 percent.MTN,which makes about 37 percent of its revenue from Nigeria,then filed a suit in Nigeria,questioning NCC's legal grounds for imposing the penalty.Adeboyo Shittu said ''I'm not aware of any out of the court settlement.President Muhammadu Buhari will have the final decision on the matter,adding that MTN might be advised to withdraw the court case filed against the fine.If they withdraw it creates a better environment,an environment where there is no stress or pressure on eith side''.A judge in Lagos last week gave the company until March 18 to try to reach a settlement with the Nigerian authorities over the fine.Ihe prospect of a lower fine boosted MTN shares.The fine equates to more than twice MTN's annual average capital spending over the past five years.One more photo below.
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