$8 Billion ‘Illegal’ Repatriation: FG, MTN Settle Out of Court

MTN Company

$8 Billion ‘Illegal’ Repatriation: FG, MTN Settle Out of Court

The Nigerian government and mobile telecommunications firm, MTN, have reached an out-court-settlement in a suit by government lawyers accusing the company of illegally repatriating $8.1 billion out of the country, lawyers told a Federal Court High sitting in Lagos.

MTN Company

The Central Bank of Nigeria, CBN, had accused the South African company of illegally moving the funds in contravention of foreign exchange regulations.

The bank demanded that the company return the $8.1 billion “to the coffers of the CBN.”

MTN denied any wrongdoings and filed a suit challenging the fine.

On Thursday, a Federal High Court, Lagos, entered the settlement terms as its judgment.

Details of the settlement are not immediately known as they were not disclosed by the parties in open court. At the last court hearing last month, parties in the suit informed the court they were exploring an out-of-court settlement.

On Thursday, MTN’s lawyer, Wole Olanipekun, who led other Senior Advocates of Nigeria, Damian Dodo, Fabian Ajokwu and Adeniyi Adegbonmire, told Saliu Saidu, the judge, that parties had resolved the dispute amicably.

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