Nigerian Government to receive $600m from MTN Communications for dispute settlement

Nigerian Government will be receiving $600m from South African Mobile Telecommunications Company MTN for dispute settlement. MTN made the announcement on Thursday March 3^rd, 2016, a surprise 5.2% upsurge in its dividend to 1,310 cents per share, posting a 50% fall 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 friendly settlement after the telecommunications giant withdrew a court case challenging the FG's $3.9b fine.