30 October 2018

Nigeria: $8.1bn MTN Vs CBN Repatriation - Court Fixes Hearing Dec 4

Photo: The Guardian
MTN Nigeria

A Federal High Court in Lagos has adjourned till Dec. 4, hearing in a dispute between MTN Nigeria and the Central Bank of Nigeria over alleged illegal repatriation of $8.1 billion by the telecoms company.

Justice Saliu Saidu also adjourned till Nov. 8, hearing in a case of $2.0 billion tax non-payment made against MTN Nigeria by the Attorney-General of the Federation (AGF).

MTN filed the suits. It is seeking an injunction to restrain the CBN and AGF from taking further actions to reclaim the alleged debts.

The CBN alleged that the telecoms firm improperly repatriated dividends. The apex bank requested that MTN should return $8.1 billion to its coffers.

On the other hand, the AGF claimed that MTN did not pay taxes on foreign payments and imports of approximately $2.0 billion. It demanded that the company should pay the sum.

MTN, however, denied the allegations.

On Dec. 4, the court will hear an interlocutory application by the MTN seeking to retrain the CBN from taking steps to reclaim the alleged debt.

The court will also hear an application by the CBN challenging the jurisdiction of the court to entertain the case.

Chief Wole Olanipekun (SAN) appeared for the MTN while Mr Seyi Sowemimo (NAN) appeared for CBN.

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