MTN Communications sets aside $600m to settle dispute with Nigerian govt

South African Mobile Telecommunications company MTN say they have set aside $600m to settle its dispute with the Nigerian government.

The company announced on Thursday a surprise 5.2 percent increase in its dividend to 1,310 cents per share, posting a 50 percent drop in Annual profits and said while it has had a challenging year, it has set aside $600m to pay the Federal government after the company was issued a $3.9b fine for not ending sim card registration at the Nigerian Communications Commission stipulated time.

Last week MTN made a ‘good faith payment’ of $250m towards reaching an amicable settlement after the telecommunications giant withdrew a court case challenging the FG’s $3.9b fine.