MTN today announced it has reached an agreement with the Nigerian government over the hefty fine the Nigerian Communications Commission (NCC) slammed on the network last year.

MTN in a statement issued today and made available to TechCity said it 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 Nigerian government in full and final settlement of the matter payable as set out as follows:

Naira 30 billion on 8 July 2016

Naira 30 billion on 31 March 2017

Naira 55 billion on 31 March 2018

Naira 55 billion on 31 December 2018

Naira 55 billion on 31 March 2019

Naira 55 billion on 31 May 2019

MTN has also agreed 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 agreement.

The network also promised to always ensure full compliance with its license terms and conditions as issued by the NCC.

MTN Group Executive Chairman Phuthuma Nhleko said “he expresses his thanks and gratitude to the FGN for the spirit in which the matter was resolved and believes this is the best outcome for the Company, its stakeholders, the FGN and the Nigerian people and that the relationship between MTN, the FGN and the NCC has been restored and strengthened”.