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

MTN Nigeria
30 October 2018

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.

Defamation: Court adjourns Dokpesi's N5bn suit against Lai Mohammed, AGF until Oct. 23

See What Everyone is Watching

More From: Vanguard

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.