MTN WITHDRAWS SUIT AGAINST FEDERAL GOVERNMENT

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MTN Nigeria has formally announced the withdrawal of the court case against the Federal Government of Nigeria. According to a statement issued on Friday, this is in order to pave way for continue settlement discussions with the Federal Government towards an amicable resolution of the matter in the best interests of the Telecom Company and Nigeria.

In retrospect, MTN on 24th of February 2016, announced its withdrawal of the court case and made an initial payment of N50 Billion without prejudice. This payment was made on the basis that it would be applied towards a settlement when one is arrived at. Speaking in the press statement, the Chief Executive Officer (CEO) MTN Nigeria, Ferdi Moolman said: ‘’We have kept our promise to withdraw and we have followed through by formally doing so. This is in line with the premium we place on good corporate citizenship.”

The formal withdrawal today at the Federal High Court, with all parties in attendance, signals further progress in the negotiations between MTN Nigeria and the Nigerian Government.

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