CBN, MTN Settle Out Of Court Over $8.1bn Repatriation

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The Central Bank of Nigeria and MTN Nigeria Communications Limited have settled out-of-court over the $1.8bn fine slammed on it by the apex bank.

The multi-billion dollar fine was as a result of the $8.1 billon purportedly reiterated out of the country by MTN without informing the appropriate financial regulatory authorities.

Wole Olanipekun (SAN), counsel for MTN, informed Justice Saliu Saidu of the Federal High Court in Lagos that both his client and the apex bank had reached an agreement.

Olanipekun presented before the presiding judge a document as evidence of the agreement between the two parties. He prayed that the judge to endorse the agreement as its judgement on the case.

Henry Ejiofor, who represented CBN’s lead counsel, Seyi Sowemimo (SAN), confirmed the position.

Olanike Idenu, counsel for the Attorney-General f the Federation (AGF), did not also raise any objections to the agreement.

He, however, asked the court to strike out the name of the AGF from the suit.

Justice Saidu thanked the parties for reaching a comprise rather than going through the long process of the court hearing.

The CBN had slammed the fine on MTN, saying the telecoms company took out $8.1 billion of the country without their approval.

However, MTN filed a legal suit against the CBN and AGF before the Federal High Court in Lagos, challenging the powers of the apex bank to demand such money from the company.

But during proceedings in the case on December 4, 2018, the parties told the court that they were opting for an out-of-court settlement and prayed for a short adjournment to be able to talk.

 

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