MTN Group has on Friday said it will pay 330 billion naira ($1.67bn) over three years to the Nigerian government of the fine imposed on it by Federal Government.
The mobile phone operator was fined $5.2bn last October for failing to disconnect users in Africa’s most populous nation.
“MTN is pleased to inform shareholders that the matter has been resolved with the Federal Government of Nigeria (FGN) on the following terms: MTN Nigeria has agreed to pay a total cash amount of Naira 330 billion over three years (the equivalent of US$ 1.671 billion at the official exchange rate and US$902 million at the Lagos Parallel Market Rate) to the FGN in full and final settlement of the matter payable as set out hereunder,” the company said in a statement.
MTN further said that the part payment of 50 billion naira made on February 24 forms part of the agreement.
The company will pay 30 billion naira by July 8, 30 billion by March 31 2017 and 55 billion naira by May 31 2019.
“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.”