$8.1BN SUIT: MTN settles out of court with CBN

MTN Nigeria Communications Limited, and the Central Bank of Nigeria (CBN) have settled their differences over the $8.1 billion demanded by the apex bank, out of court.

The telecommunications company disclosed this on Thursday at the resumed sitting of the court in the suit it filed against the CBN.

The CBN had demanded that MTN pay the amount following alleged infractions in forex remittances.

MTN, through its lawyer, Chief Wole Olanipekun (SAN), had approached the Federal High Court, Lagos, challenging the powers of the CBN and the Attorney General of the Federation to make the monetary demand from it and prayed the court to restrain them from coming after it.

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The parties to the suit however on December 4, 2018, asked the court for time so that they could settle out of court.

Olanipekun, on Thursday informed the court that they have reached an agreement with the CBN. He also presented a document to the court, and said his client had finally reached an agreement with the CBN.

He prayed the court to adopt the document as the judgement of the court.

Mr Henry Ejiofor, who stood in for CBN’s lead counsel, Mr Seyi Sowemimo (SAN), confirmed the position, while the counsel for the AGF, Olanike Idenu, did not oppose the application by MTN and CBN but urged the court to strike out the name of the AGF from the suit.

In his judgement, Justice Saidu thanked the parties for saving the precious time of the court and sparing it the rigours of litigation and consequently struck out the name of the AGF from the suit and adopted the terms agreed upon by the parties as the judgment in the suit.

The terms of the agreement and out of court settlement have not been made public.

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