Federal High Court Adjourns Case between MTN & CBN to December 4

The federal high court on Tuesday adjourned hearing of the suit between the Central Bank of Nigeria and MTN over the alleged repatriation of $8.1 billion from Nigeria.

Sitting at the Federal High Court in Ikoyi, Justice Saliu Saidu, after hearing submissions from lawyers on both sides, adjourned the matter till December 4, 2018, for hearing on all pending applications.

The company said that it will make its case to stop the central bank from asking for the return of $8.1 billion to Nigeria at the adjourned hearing in December.

Court documents also show that MTN will draw attention to a 2016 Senate investigation into alleged foreign exchange violations where the CBN, in sworn testimony, said that the company was not in breach of any provision of the law with respect to the contested Certificates of Capital Importation.

MTN Africa’s biggest mobile operator, which makes about a third of its annual core profit in Nigeria, said the allegations are without merit but added that no further negative steps have been taken by authorities in Nigeria.

The CBN on August 29 ordered the firm and four of its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations.

MTN also faces a separate $2 billion tax demand from the Attorney General’s office.

Rob Shuter, CEO, MTN Group said on Monday that MTN will keep engaging with Nigerian authorities to resolve a $10.1 billion dispute, but is putting its faith in the courts to protect itself.

In a statement, Wole Olanipekun, SAN lead counsel to MTN, said the company “trusts that the Nigerian judicial process will reach the inevitable conclusion on this matter and justice will take its course.”

A separate hearing between MTN and the Attorney General over the tax demand has been scheduled for November 8 at the same court.