MTN withdraws case against Nigerian regulator

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A statement issued by the telecom company says its withdrawing its challenge against the hefty fine to pave way for an Amicable settlement with authorities here.

MTN has been severally fined across the continent-Even here in Nigeria there were other fines but non of the fines have come close to 3.9 billion dollars

The company is currently operating in 16 African countries but Nigeria remains its key market accounting for 37% of its profits.

Nigerian communications commission had originally fined MTN $1000 for every unregistered sim card that was in use-cumulatively accruing of $5.2 billion fine.

MTN’s shares had dipped by a third since the fine was imposed before it recovered by 1.3 percent.
There is no indications that the fine would be reduced further but all parties still involved in negotiations.

That fine has since been reduced by over a billion dollars.

Nigerian authorities have been fighting widespread criminalities including Bokoharam, kidnap in delta state.

Nigerian authorities claimed failure to register simcards users impaired their abilities to control those crimes.