MTN pays federal government only N50 billion out of N780 billion fine.

A statement issued by the telecommunications company on Wednesday states that the sum of N50bn was paid to the federal government

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"as a gesture of good faith and commitment to continued efforts towards an amicable resolution".

MTN Nigeria's CEO, Ferdi Moolman, while speaking on the new development, said:

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"This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome. 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"