Telecommunications company, MTN has withdrawn its suit against the Nigerian Communications Commission (NCC) and has paid N50 billion from the N780 billion fine, The Cable reports.

NCC, Nigeria's telecommunication regulatory body had fined MTN N1.04 trillion for failing to deactivate 5.1 million unregistered SIM cards. After much appeal, the fine was reduced to N780 billion. Unsatisfied with the reduction in the fine, MTN filed a suit against NCC on Dec. 31st 2015.

According to a statement by MTN, the sum of N50bn was paid to the federal government “as a gesture of good faith and commitment to continued efforts towards an amicable resolution”.

MTN Nigeria's CEO, Ferdi Moolman, while speaking on the new development, said
“This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome. We are hopeful at this stage. Along with the authorities, it is clear that we are collectively committed to working towards a solution that is of mutual benefit to all parties. Our industry in Nigeria is an incredibly important example of the remarkable progress in ICT particularly as a much needed catalyst for socio-economic growth and development at this time.