South African telecoms firm MTN Group has withdrawn its legal action against Nigeria's regulator over a $3.9 billion fine and paid $250 million towards a possible settlement, the company said in a statement on Wednesday.
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.
The original amount was based on fining the company $1,000 for every unregistered SIM card in use.
"MTN Nigeria has today made an agreed without prejudice good faith payment of 50 Billion Naira ($251.3 million) to the Federal Government of Nigeria on the basis that this will be applied towards a settlement, where one is eventually, hopefully arrived at, the company said.
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 ay 1158 GMT to 130.37 rand.
*First published by Reuters
Wednesday, 24 February 2016
South Africa's MTN withdraws case against Nigerian regulator - Reuters News
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