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MTN makes $250m good faith payment

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MTN has made a good faith payment of $250-million (50-billion Niara) to the Nigerian government, to be applied towards a settlement in the ongoing case of its massive fine.
On 22 January 2016 that the matter came up for hearing before the Federal High Court in Lagos, Nigeria when the judge adjourned the matter to 18
March 2016 in order to enable the parties to try and settle the matter.
Pursuant to the ongoing engagement with the Nigerian authorities, MTN Nigeria has made an agreed without-prejudice good faith payment of 50-billion Naira ($250 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.
“In an effort to achieve an amicable settlement, MTN has agreed to withdraw the matter from the Federal High Court in Lagos,” the company says in a statement.
Phuthuma Nhleko in his capacity as Executive Chairman of MTN Group and a director of MTN Nigeria is continuing to lead the team engaging the Nigerian Authorities with a view to settling the matter.
The fine, for failing to disconnect cancelled subsribers, was originally $5,2-billion, or $200 000.00 for each unsubscribed user, but was later reduced to $3,9-billion.