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Telecommunication giant, MTN has offered to pay 300 billion naira ($1.5 billion) to settle a record fine levelled against it by the Nigerian Communications Commission (NCC) for failing to disconnect unregistered subscribers.
A letter from the company’s lawyer released on Thursday hopes to trim the $3.9 billion slammed on the company in October to $1.5 billion.
MTN was fined an initial $5.2billion (1.4 trillion naira) after failing to disconnect 5.1 million subscribers amid concerns the lines were being used by Boko Haram insurgents.
In the letter dated February 24, MTN proposed paying 100 billion naira in five annual instalments, buying 80 billion naira of Nigerian sovereign debt, and offering 70 billion naira worth of access to its fibre network.
Last month, the Johannesburg-based company paid 50 billion naira to kick off settlement negotiations.
