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MTN confirms talks with Nigerian authority over $8.1 billion demand

Nigerian court to hear suit filed by MTN against the Central Bank of Nigeria in the controversial $8.1 billion demand next week.

MTN Group CEO, Rob Shuter
  • MTN Group Ltd., says it is currently engaging the Nigerian authority to find an equitable resolution in the controversial $8.1 billion demand.
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MTN Group Ltd., on Tuesday, confirmed that it is currently engaging the Nigerian authority to find an equitable resolution in the controversial $8.1 billion demand.

The South African phone firm stated this in a statement to its shareholders posted on the Johannesburg Stock Exchange (JSE), Reuters reports.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” Reuters quoted MTN as saying in the statement.

In August 2018, Nigeria's central bank (CBN) had ordered MTN and four other banks to “refund a total of $8.134billion moved out of the country" for breaching the country's forex regulations.

The central bank also slammed a huge N5.8 billion fine on the banks for allegedly aiding MTN in the illegal capital repatriation.

Nigerian court to hear MTN's suit against CBN next week

The telecom firm is already challenging the controversial demand in a Nigerian court. The case is due for a hearing next week, October 30, 2018.

CBN and MTN are getting closer to settlement

Nigeria’s information minister, Lai Mohammed, had said the CBN and South African telecommunications firm MTN could soon strike a deal in their dispute over the repatriation of $8.1 billion.

Also from Business Insider Sub-Sahara Africa:

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