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South African telecoms firm MTN Group has withdrawn its suit against Nigeria’s regulator over a $3.9 billion fine.
The company also paid $250 million towards a possible settlement. Africa’s leading telecoms firm was fined by the Nigerian Communications Commission in October for failing to disconnect unregistered SIM users, prompting weeks of lobbying to reduce the fine.
MTN, which makes 37 percent of its sales in Nigeria, said it would withdraw its court challenge in an effort to reach an amicable settlement. Shares in the company rose about 2 percent following the announcement.
