The suit instituted against the Nigeria Communications Commission, NCC, by MTN Nigeria has been withdrawn from court.
MTN announced the withdrawal on Wednesday and said it has decided to N50 billion to the regulator of the industry in good faith.
The company had earlier sued the NCC after it was fined N1.04 trillion for contravening directives of the regulator on SIM card deactivation.
MTN said it took the matter out of court in order to create a conducive atmosphere for further negotiations with the NCC.
MTN Nigeria’s Chief Executive Officer, Ferdi Moolman, speaking on the issue said, “This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”