MTN has reached a deal with the Nigeria Government regarding the N330 billion (US$3,2 billion) regulators imposed on it in 2015.
After an eight month long negotiation, MTN has agreed to pay N333 billion ($1.7 billion) to the federal government over a space of three years.
“MTN Nigeria undertakes to take immediate steps to ensure the listing of its shares on the Nigerian Stock Exchange as soon as commercially and legally possible after the date of execution of the settlement agreement,” MTN Group stated.
The Nigerian Communications Commission (NCC) fined MTN for failing to register more than 5 million subscribers
Although the fine was subsequently reduced by 25 per cent to N780 billion, MTN Nigeria failed to pay the penalty.
Phuthuma Nhleko, chairman of the group who retired in the heat of the crisis, led the negotiation process.
“The relationship between MTN, the Nigerian government and the Nigerian Communications Commission has been restored and strengthened,” he said in his resignation letter.