The Federal government and mobile telecommunications firm, MTN, have reached an out-court-settlement in a suit filed by government lawyers accusing the company of illegally repatriating eight-point-one billion dollars out of the country.
The Central Bank of Nigeria, CBN had accused the South African company of illegally moving the funds in contravention of foreign exchange regulations. The bank demanded that the company return the eight-point-one billion dollars “to the coffers of the CBN.”
MTN denied any wrongdoings and filed a suit challenging the fine. On Thursday, a Lagos division of the Federal High Court entered the settlement terms as its judgment.
Details of the settlement are not immediately known as they were not disclosed by the parties in open court.