MTN, Nigeria central bank case postponed

Read time 50sec
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 a R110 billion dispute between MTN and Nigeria's central bank.

A Nigerian judge adjourned on Wednesday a hearing over an $8.1 billion ((R110 billion) dispute between South African telecoms giant MTN and the central bank until 22 January 2019.

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.

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.

The adjournment came at the request of the central bank and MTN lawyers.

"We are still making moves towards an out of court settlement," a central bank lawyer told the court.

An MTN lawyer said discussions were ongoing.

Have your say
Facebook icon
Youtube play icon