South African telecommunication giant, MTN has agreed to pay a fine of N333bn to the Federal Government of Nigeria.
The telecom giant disclosed this in a statement on Friday.
“MTN Nigeria has agreed to pay a total cash amount of 330 billion naira over three years,” the company said.
The company also said it would ensure the listing of its shares in the Nigerian Stock Exchange.
MTN was was slammed with the fine in October 2015 by the Nigerian Communication Commission, NCC.
The sanction was due to its refusal to comply with a directive to disconnect 5.1 million improperly registered lines before the deadline given to telecoms operators in the country.
Although the fine was subsequently reduced by 25 per cent to N780 billion, MTN Nigeria failed to pay the penalty.
The Chairman of the group, Phuthuma Nhleko, who retired in the heat of the crisis, led the negotiation process.
He had said in his resignation letter, “The relationship between MTN, the Nigerian government and the Nigerian Communications Commission has been restored and strengthened.”