Court Adjourns Case Between MTN And CBN To December 4
A Lagos judge on Tuesday, October 30th adjourned a hearing in a $10.1-billion dispute between telecoms firm MTN Group and Nigeria’s Central Bank until December 4.
The CBN and MTN are in court over an alleged illegal repatriation of $8.1 billion abroad. This is even as the Nigerian government has demanded $2 billion in related taxes from the telecom giant.
MTN has denied any wrongdoing and gone to court, saying the allegations are without merit.
At the adjourned hearing in December, MTN will make its case to stop the central bank asking for the return to Nigeria of the $8.1 billion.
A separate hearing between MTN and the attorney general over the alleged $2 billion unpaid tax bill has been scheduled for November 8 at the same court.
Meanwhile, despite its troubles in Nigeria, MTN, has continued to record a growing subscription base.
The telecom giant reported a 1.1% rise in quarterly user base on Monday, surprisingly helped partly by strong performances in Nigeria, its largest but increasingly problematic market.
The company said its user base increased by 2.5 million subscribers to 225.4 million users in the period between July and September.
Its mobile money customers also grew by 1.7 million to 25.8 million users.
The telecom firm makes about a third of its annual core profit in Nigeria.
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