Shoving aside criticisms from some quarters that alleged underhand dealings, the Central Bank of Nigeria (CBN) says an agreement has been reached with telecoms giants, MTN over allegations that the firm illegally repatriated $8.1 billion from the country.
Insiders hinted that the apex bank did not have difficulties ignoring allegations 0f so-called sneaky business conduct in arriving at the decision considered to be in the overall interest of Nigeria’s economic growth and development.
Consequently, the apex bank confirmed in a statement that the legal contestation between both parties as well as all outstanding issues around the case are now laid to rest
Though the CBN did not put any figure in its statement on the final resolution, MTN disclosed that in resolving the case, the company agreed a payment of $53 million to the CBN.
However, the CBN stated that both parties decided the deal would effectively ensure an “amicable disposal of the pending legal suit between the parties and final resolution of the matter.”
The two warring sides were locked in the legal battle when CBN had ordered the South African company and its lenders to return a total of $8.1 billion it allegedly ferried out of the country illegally through inappropriately issued paper-works between 2007 and 2008.
The CBN had then said it found a 2008 private placement remittance worth around $1 billion was based on certificates that did not have its final endorsement.
“The CBN upon review of the additional documentation concluded that MTN Nigeria is no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders,” MTN said in its statement.
