MTN FINE: CBN & MTN Finally Agree To Settle Out-of-Court
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 confirmed on Tuesday, after the case was adjourned by a Lagos court, 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 directing it 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.
“We have advanced stages towards settlement and it remains to cross the Ts and dot the Is; it is just for the report of a settlement,” he said.
Saliu Saidu, the justice presiding over the case, adjourned till December 12 for a report on the settlement.
NAN reports that MTN had filed the suit, seeking an injunction to restrain the CBN and AGF from taking further actions to reclaim the alleged debts.
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