CBN FINE: Finally, MTN And CBN Settle Out Of Court
The headache is over for telecommunications firm, MTN Nigeria Communications Limited.
The network operator said on Thursday that it had reached an agreement with the Central Bank of Nigeria, CBN over the $1.8 billion being demanded from it by the apex bank.
Recall that the $1.8 billion demand by the CBN followed allegation that the telecom firm illegally repatriated the said sum.
But rather than yield to the demand, MTN, through its lawyer, Wole Olanipekun, sued the CBN and the Attorney General of the Federation before the Federal High Court in Lagos.
In the suit filed before Justice Saliu Saidu, the telecoms firm challenged the powers of the defendants to make the monetary demand from it and prayed the court to restrain them from coming after it.
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However, at the December 4, 2018 proceedings in the case, the parties told the court that they were opting for an out-of-court settlement and prayed for a short adjournment.
When they returned to the court on Thursday, Olanipekun said his client had finally reached an agreement with the CBN.
He presented before the court a document containing the terms of the settlement between the parties, which he said, they would love the court to endorse as its judgment on the case.
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