CBN Vs MTN over illegal repatriation of $8.1bn case gets October 30 for hearing

Finally, for what someone may call it play-play, the case of illegal repatriation of $8.1 billion between the Central Bank of Nigeria (CBN) and MTN Nigeria, a teloc operator in Nigeria has entered court attention with October 30, 2018 as definite hearing date.

The hearing between the concerned parties is fixed for 30th of October 2018; a lawyer representing MTN disclosed this to journalists.

Also, the allegation of unpaid $2 billion back taxes alleged by the Attorney General of the Federation, Abubakar Malami gets November 8th as the hearing day.

 

This comes on the heel of a statement made 3 days ago by the Minister of Information, Lai Mohammed that the two parties are getting closer to resolving the dispute.

Amehnews recalled that the Central Bank of Nigeria (CBN), in August, fined four banks – Stanbic IBTC, Diamond Bank, Standard Chartered and Citibank – a total of ₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.

 

Then, MTN immediately issued a statement denying any form of illegality had taken place, as it had been cleared by the Senate. The CBN has since gone on to deduct the fines from the accounts of the banks involved.

In another development but still with MTN, the Attorney General of the Federation, Abubakar Malami, also accused the company (MTN) of owing $2 billion as back taxes, relating to the importation of equipment and payments to suppliers over the last ten years.

 

Consequently, the Chief Financial Officer (CFO) of MTN Nigeria, Ralph Mupita disclosed that the company is considering new means of trading its shares but this “new way of trading its shares” without NSE was not defined.

From above statements; the multinational company is currently facing a combined $10 billion in claims from Nigerian authorities and may no longer seek to raise capital through an initial public offering on the Nigerian Stock Exchange (NSE) as was earlier planed, Mupita said.

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