Pursuant to the ongoing engagement with the Nigerian Authorities, MTN Nigeria has today made an agreed without prejudice good faith payment of 50 Billion Naira (USD250 million) to the Federal Government of Nigeria on the basis that this will be applied towards a settlement, where one is eventually, hopefully arrived at. In an effort to achieve an amicable settlement, MTN has agreed to withdraw the matter from the Federal High Court in Lagos.
Phuthuma Nhleko in his capacity as Executive Chairman of MTN Group and a director of MTN Nigeria is continuing to lead the team engaging the Nigerian Authorities with a view to settling the matter.
Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.
