CBN FINE: Again, Court Adjourns MTN Case Until 22 January
The court case between telecom giant, MTN and Central Bank of Nigeria, CBN will linger until next year.
A judge presiding over the case has on Wednesday adjourned a hearing on the case until 22 January 2019.
The case was first adjourned on Tuesday last week until December 12 (today).
The case was adjourned after lawyers said they wanted to report back on settlement talks.
Recall that the legal tussles ensued after the CBN accused the telecom firm of illegally sending $8.1 billion abroad, which MTN has denied.
Lawyers for both parties had already told the court they were in talks to agree a settlement.
So, MTN Nigeria and the Central Bank of Nigeria are no longer going to get embroiled in a litigation over alleged illegal repatriation of profits by the telecom giant.
MTN’s lawyer, Wole Olanipekun also confirmed that his client has decided to pursue an out-of-court settlement with the CBN.
The telecommunications company had filed a suit to challenge a directive by the CBN to return the $8.1 billion that, according to the apex bank, was illegally repatriated.
Speaking in court on Tuesday, Olanipekun said his client has approached CBN for an amicable settlement and this was confirmed by Seyi Sowemimo, CBN’s lead counsel, who told the court that the negotiation was already in an advanced stage.
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