Telecommunications giant, MTN Nigeria has reportedly paid N50b out of the N780b fine imposed by the Nigerian Communications Commission (NCC) and has gone ahead to withdraw its suit against the industry regulator.

MTN was fined N1.04 trillion last October for failing to deactivate over four million unregistered SIM cards, however, the fine was later reduced to N780 billion after the company entered into negotiations with the government.

According to Ynaija, MTN said via a statement that it has paid N50b to the federal government as a gesture of good faith and commitment to continued efforts towards an amicable resolution.

“This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome,” Ferdi Moolman, CEO of MTN Nigeria, said.

“We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties. Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT particularly as a much needed catalyst for socio-economic growth and development at this time.”