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MTN gives the Nigerian government a R3.8 billion “good faith” payment

After MTN failed to register 5.2 million SIM cards in Nigeria properly, the mobile operator was fined a sum close to R72.2 billion. While MTN is fighting that amount in court, the company has agreed to make a payment of 50 Billion Naira (USD250 million / RR3.8 billion) to the Federal Government of Nigeria.

But there’s a catch: this is a “good faith payment”. Once the court matter is settled that amount will be deducted from the final settlement the company is forced to pay.

Furthermore, MTN is also withdrawing the case against the Nigerian government from the Federal High Court in Lagos.

This news comes from a message to their shareholders who were also warned to “exercise caution when dealing in the Company’s securities until a further announcement is made”.

And now, again, we play the waiting game. There’s no way of knowing yet how any of this will affect MTN’s customers.

Catch up with the MTN Nigeria story so far (articles in chronological order)

[Source – Sharenet , Image – CC Warren Rohner]

 

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