$8.1bn Refund: MTN Opted For Out-of-Court Settlement​

MTN Nigeria Communications Limited has asked the Federal High Court in Lagos to further adjourn the hearing in the suit it filed to challenge the $8,134,312,397.63 being demanded from it by the Central Bank of Nigeria.

The $1.8bn demand by the CBN followed alleged forex remittances infraction by MTN.

MTN’s lead counsel Wole Olanipekun told the court that his client had approached the CBN for possible amicable resolution of the dispute.

He urged Justice Saliu Saidu to further adjourn the suit to enable parties to fully explore out-of-court resolution and deliberate on the terms of the settlement.

CBN’s lead counsel Seyi Sowemimo confirmed that the discussions for possible out-of-court settlement were in the advanced stage.

Consequently, Justice Saidu adjourned to December 12 for a report of the settlement between the parties.

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I am Mbanugo Onyeka Nelson, a media analyst. Let's hit the globe with current news.

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