MTN, CBN in talks to settle $8.1 billion dispute

MTN a south africa telecom company and central bank of nigeria (CBN) are discussing to settle an $8.1 billion dispute, their lawyers said on Tuesday, as a court in Lagos adjourned the case between the parties until Dec. 12.

The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad in breach of foreign-exchange regulations. MTN has denied any wrongdoing, Reuters reports.

Nigeria is MTN’s biggest market, accounting for a third of the South African company’s annual core profit. The mobile phone network serves 56 million people in Nigeria.

Seyi Sowemino, a lawyer representing Nigeria’s central bank, said the parties were in advanced stages towards the settlement. “We just want to cross T’s and dot I’s,” he told the court.

Wole Olanipekun, a lawyer representing MTN, also said the two parties were in talks.

The lawyers requested a short adjournment for lawyers to report back to the court on the settlement talks. The judge adjourned the case to Dec. 12.

About Ayorinde Ayodeji

An Experienced web designer/designer and also a certified digital marketer and always love sharing useful information with people who are ready to learn. Am crazy about technology i don't mind having my own world.

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