Nigeria's telecommunication regulator is working to end MTN’s $10.1 billion dispute with the government

Nigerian Communications Commission is doing what it can to facilitate an amicable resolution of MTN’s standoff with the tax and finance regulators

Nigeria’s telecommunications regulator said it is working to end the $10 billion dispute between MTN Group Ltd and the government.

Prof. Umar Danbatta, the Executive Vice Chairman and Chief Executive Officer, Nigerian Communications Commission (NCC) stated this on the sideline of the ITU Telecom Conference in Durban, South Africa on Tuesday, September 11, 2018.

He said the commission is working to solve the issue among both parties.

“The Nigerian Communications Commission is doing what it can to facilitate an amicable resolution of MTN’s standoff with the tax and finance regulators,” Bloomberg quoted Danbatta as saying.

Two weeks ago, Nigeria's central bank (CBN) ordered Africa's telecoms giant, MTN and four other banks to “refund a total of $8.134 billion 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. The apex bank had since redeemed the fine from the four banks.

Five days after, the attorney-general of the federation also requested MTN to pay $2 billion in taxes relating to the importation of foreign equipment and payments to foreign suppliers since 2008.

The telecoms firm denied wrongdoings and promised to defend its position vigorously.

On Monday, September 10, 2018, it filed a legal suit concerning demands from the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation on foreign exchange repatriation and taxes.

The company said the case is a complex one and requires judicial interpretation.

Also from Business Insider Sub-Sahara Africa:

Nigeria's telecommunication regulator is working to end MTN’s $10.1 billion dispute with the government

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