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MTN Seeks Out-Of-Court Settlement With CBN over $8.1Bn Fine

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The legal tussle on the $8.1 billion fine imposed of MTN Nigeria and five banks in the country by the Central Bank of Nigeria (CBN) may soon end, as MTN Nigeria has asked the Federal High Court in Lagos to further adjourn the hearing in the suit.

 

The $1.8 billion demand by the CBN followed alleged forex remittances infraction by MTN.

 

On Tuesday, MTN’s lead counsel, Chief Wole Olanipekun (SAN), told the court that his client had approached the CBN for possible amicable resolution of the dispute.

 

He urged Justice Saliu Saidu to further adjourn the suit to enable parties to fully explore out-of-court resolution and deliberate on the terms of the settlement.

 

The position was confirmed by CBN’s lead counsel, Mr Seyi Sowemimo (SAN), who added that the discussions for possible out-of-court settlement were in the advanced stage.

 

Consequently, Justice Saidu adjourned till December 12, 2018, for a report of the settlement between the parties.

 

MTN filed the suit, marked FHC/L/CS/1475/2018, in November, urged the court to the declaration that the CBN acted ultra vires its statutory powers when it wrote an August 28, 2018 letter to it demanding a refund of $8.1bn.

 

The firm urged the court to hold that the CBN’s $8.1bn demand was “illegal, oppressive, abusive, unauthorised and unconstitutional.

 

The telecommunications giant urged the court to declare that that “the 1st defendant’s decision in its letter of August 28, 2018 with Ref No GBD/GOV/COM/DGF/118/121 addressed to the plaintiff and titled, ‘Investigation into the remittance of foreign exchange on the basis of the illegal capital importation certificates issued to MTN Nigeria Communications Limited’ were reached in breach of the plaintiff’s right to fair hearing.”

 

It also urged the court to void a September 3, 2018 letter written to it by the 2nd defendant, the Attorney General of the Federation, demanding $8.1bn as “penalties for the offence of ‘infraction of forex remittances’.”

 

MTN sought a court order “restraining the 1st and 2nd defendants from giving effect to the decisions, demands, and directives in their letters of August 28, 2018, and September 3, 2018, respectively.”

 

However, the CBN, in its statement of defence and counter-claim, urged the court to dismiss MTN’s suit, insisting that the telecommunications giant must refund $8.1bn to the Federal Government.

 

The dispute over $8.1bn repatriated funds started when the CBN alleged that MTN used improperly issued certificates to transfer funds out of Nigeria after the telecom giant converted shareholder loans in its Nigerian unit to preference shares in 2007, but MTN denied the allegations.

 

The apex bank said MTN’s banks failed to verify that the telecom group had met all the country’s foreign exchange regulations.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Experts Urge MSMEs to Build Strong Partnerships in Solving Problems,

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For a business to remain strong and relevant, experts have urged entrepreneurs to engage in solving problems in the Micro, Small, Medium Enterprises (MSMEs) space and build strong partnerships.

The experts stated at the United Bank for Africa (UBA) Business Series with the theme, “Stronger Together: Building Powerful Business Partnerships for Progress.”

Four seasoned business owners including: Beauty Entrepreneur, Dabota Lawson; Real Estate Mogul and Entrepreneur, Wale Ayilara; Journalist and TV producer Peace Hyde and Fashion Entrepreneur, Mai Atafo, encouraged participants to solve problems, invent in products & service and, create value to remain stronger in business and thrive amid competitive business environment.

Ayilara expressed that an entrepreneur must be able to solve problems and build a strong partnership in order to remain relevant in a challenging business environment.

He stressed further that there are a lot of business opportunities in Nigeria and questioned where consumers money is directed into.

Lawson said the inability to find a suitable sensitive skincare that matches her skin tone forced her to start her company.

On her part, Hyde stated that she ventures into media on the backdrop of telling Africa’s stories to international audiences.

Atafo said passion made him venture into fashion, maintaining that being an entrepreneur in Nigeria is tough work.

Speaking earlier, UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, highlighted the critical role of partnerships in today’s dynamic business environment.

“In an increasingly interconnected world, the power of collaboration cannot be overstated. At UBA, we recognise that collaboration is the cornerstone of sustainable business success.

“The ‘Stronger Together’ Business Series is designed to inspire entrepreneurs and corporate leaders to forge meaningful alliances that drive progress, unlock opportunities, and contribute to Africa’s economic transformation,” Shamsideen said.


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FirstBank, NLNG, Shell back QEDNG Creative Powerhouse Summit

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Nigeria’s leading commercial bank, First Bank of Nigeria, has joined forces with Mighty Media Plus Network Limited for the maiden edition of the QEDNG Creative Powerhouse Summit.

Also supporting the event are Nigeria LNG (NLNG) and Shell Nigeria, two major players in the country’s energy and development sectors.

Chief Executive Officer of Mighty Media Plus Network Limited, Olumide Iyanda, announced the partnerships in a statement on Monday.

Mr Iyanda described FirstBank’s involvement as a strong statement of the bank’s belief in the power of Nigeria’s creative sector.

“FirstBank’s support is a reaffirmation of its long-standing commitment to promoting the creative economy,” he said. “Through First@arts, the bank has become a reliable partner to talents, institutions, and organisations working to grow Nigeria’s cultural assets.”

First@arts is FirstBank’s platform for supporting the arts. It provides financing, advisory services, and exposure for creatives across the value chain. The bank has backed major cultural events and partnered with institutions such as British Council, Duke of Shomolu Productions, Live Theatre Lagos, Freedom Park and Terra Kulture.

Among the projects FirstBank has supported are The Headies Awards, Lagos International Theatre Festival, The Oxymoron of Kenny Blaq, Kurunmi, Eni Ogun, and Oke Langbodo.

Iyanda also praised NLNG for its role in promoting excellence in literature and science through The Nigeria Prize for Literature, The Nigeria Prize for Science, and The Nigeria Prize for Literary Criticism.

“NLNG has shown leadership by rewarding creativity and innovation in ways that impact both the literary and scientific communities,” he said.

The prizes, worth up to USD100,000, are among the most prestigious on the continent. They celebrate Nigerian authors, critics, and scientists whose work makes a real difference.

Shell’s support for the summit reflects its ongoing commitment to education and social development. The company focuses on sustainable, community-driven educational projects, ranging from scholarships to infrastructure development and ICT donations.

“Shell’s belief in education as a foundation for long-term progress aligns with our vision for the summit,” Iyanda added.

He further noted that more sponsors will be unveiled in the coming weeks.

The QEDNG Creative Powerhouse Summit, themed “Financing as Catalyst for a Thriving Creative Economy,” will take place on Tuesday, August 12, 2025, at 10:00 a.m. The venue is the prestigious Radisson Blu Hotel, Isaac John Street, Ikeja GRA, Lagos.

The summit will bring together creatives, investors, policymakers, and business leaders to explore solutions to the funding challenges facing Nigeria’s creative industries.


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EFCC: Accusations Against Our Chairman Are Baseless and Misleading

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Economic and Financial Crimes Commission (EFCC) has strongly denied allegations of lack of integrity and transparency directed at its chairman, Ola Olukoyede, by columnist Steve Osuji.

In a statement issued by Dele Oyewale, spokesperson, EFCC. the commission described the claims as “worrisome and unjustifiable,” particularly criticizing the personal attacks on Olukoyede.

“More worrisome was his attack on Olukoyede for no justifiable reason. Allegations of lack of transparency, accountability and integrity deficit are wild and clearly off the mark,” Oyewale said.

He questioned the basis for the allegations and defended Olukoyede’s leadership since taking office.

“The question is: in what way has Olukoyede fallen short? Is it by insisting that the right things should always be done? By moving the nation’s anti-graft war forward radically and unprecedentedly?

“By bringing forth a preventive framework to tackle corruption and reaping bountiful gains for the nation?

“By recovering the globally-acclaimed 753 duplexes and other apartments, which are proceeds of fraudulent dealings for the nation?

“By launching the EFCC into a global map of accomplished anti-graft agencies? By handling 50,000 case files in one year?

“By embarking on a courageous internal cleansing system and other progressive initiatives to deepen and strengthen the anti-corruption fight?

“It is cowardly and uncharitable for any columnist to hide under vague and opaque cover to splash mud on Ola Olukoyede, arguably one of the finest breed of anti-graft czars around the world.”

Olukoyede, through the statement, reaffirmed that the EFCC has consistently submitted its annual reports to the National Assembly as required by law.

“Equally preposterous are claims of re-looting of assets by officers of the Commission. For the purpose of clarification, the Commission does not recover monetary assets into its covers and the non-monetary assets that are recovered are disposed of following clear pronouncements by court and proceeds paid into the Confiscated and Forfeited Properties Account account in the Central Bank in line with provisions of the Proceeds of Crime (Recovery and Management) Act, 2022.

“The EFCC does not operate in secrecy. All its operations are regularly communicated to the public, including public auction of assets. To deliberately cast the Commission in the mould of fraudulent engagements or criminality is not only mischievous but also untenable,” the statement concluded.


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