Legal View

MTN, Nigeria's central bank in settlement talks

A Lagos judge has adjourned a hearing in a R110 billion dispute between MTN and Nigeria's central bank.

A Lagos judge has adjourned a hearing in an $8.1 billion (R110 billion) dispute between South African telecoms firm MTN and Nigeria's central bank until 12 December, after lawyers said they wanted to report back on settlement talks.

Nigeria's central bank is demanding that MTN repatriate $8.1 billion to the country. MTN and the central bank have been in a dispute since August over the transfer of the funds, which the bank said the company had sent abroad in breach of foreign exchange regulations, which MTN has denied.

Lawyers for both parties told the court they were in talks to agree to a settlement.

Meanwhile yesterday Reuters reported that a Lagos court hearing concerning a dispute between MTN and Nigeria's attorney general over a $2 billion tax demand will only take place on 7 February 2019.

MTN faces the $2 billion (R27 billion) tax demand from the country's attorney general, a claim which the company has said is without merit. A judge was scheduled to hear the case on Monday but a registrar said the court would not sit and the hearing had been moved to February.

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