$3.9B Fine: MTN Seeks Out Of Court Settlement With NCC

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A Federal High Court sitting in Lagos has given MTN Nigeria until March to reach a settlement deal with Nigerian authorities over a disputed $3.9 billion fine.
The Nigerian Communications Commission (NCC) had imposed the penalty on MTN last year for failing to disconnect users with unregistered SIM cards.
The judge adjourned the case until March 18 to allow the parties to reach an agreement, MTN said in a statement.
Meanwhile, the lead counsel for MTN, Wole Olanipekun (SAN), told the presiding judge, Justice Mohammed Idris, that they have considered settling out of court with the Federal Government.
Federal Government has earlier cut the fine from $5.2 to $3.9 after the company has been lobbying against the fine.
MTN Group led by Executive Chairman Phuthuma Nhleko makes about 37 percent of its revenue from Nigeria, and the current fine equates to more than twice its annual average capital spending over the past five years.
Nhleko was put in charge for up to six months in November to help to steer the company through the crisis.

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