The NCC had imposed a N1.04 trillion fine on MTN Nigeria in October 2015 for its failure to disconnect 5.1 million unregistered or improperly registered subscribers.
The fine was renegotiated to N780 billion, however MTN still hoped for a lesser fine and filed the lawsuit which has now been dropped.
Speaking about the withdrawal, the Chief Executive Officer of MTN Nigeria, Ferdi Moolman said, “This is a most encouraging development. It demonstrates a willingness and sincerity by both parties to work together towards a positive outcome.”
The telecom giant recently brought in former United States Attorney General Eric Holder to assist in their negotiation process.