MTN remains in talks with regulators to reduce its $3.9 billion fine in Nigeria, the country’s president, Muhammadu Buhari, has confirmed.

The ongoing saga saw MTN drop its legal case over the matter and make a $250 million “good faith” payment to the Nigerian Communications Commission (NCC) last month, with the situation seemingly heading towards a resolution.

The issue relates to the South African-headquartered operator’s failure to cut off unregistered SIM cards from its network in the country, and the fine has already been reduced by 25 per cent, from $5.2 billion after lengthy negotiations.

Speaking at a joint press conference with South African president Jacob Zuma, Buhari said “MTN had withdrawn their case from the court and decided to go back and renegotiate the fine, which they consider very stiff”, reports Reuters.

He added MTN is working with NCC to find ways for the fine to be reduced, and to be paid gradually.

Zuma reportedly did not comment on the matter.

The situation has already seen the resignation of three senior executives at MTN, including its CEO Sifiso Dabengwa, in the wake of the fine.

Phuthuma Nkhelo, Dabengwa’s replacement, has been leading negotiations with NCC so far.