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Wednesday, January 29, 2020

MTN likely to reach $800m settlement with Nigeria

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MTN Group could potentially reach an $800 million settlement with the federal government over a claim it illegally transferred $8.1 billion funds out of the country, Bloomberg has reported, citing someone familiar with the matter.

If the settlement is reached, it will be the second time in two years that the telecommunication giant is paying huge sums to Nigeria in fines.

It will be recalled that the South African company paid the Nigerian authorities $1 billion in penalty for missing the deadline to disconnect unregistered subscribers. That fine, according to Bloomberg, led to MTN’s first-ever loss in 2016.

MTN, which has more than 64 million subscribers in Nigeria, is said to be in talks with the Nigerian authorities to ensure a mutually acceptable outcomes in the ongoing conflict between the duo, according to the Bloomberg report.

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