Nigeria: Central Bank Slaps MTN Nigeria With A Counterclaim

The Central Bank of Nigeria has responded with a counterclaim to MTN Nigeria’s request for an order to stop the bank that is forcing it to repatriate a staggering amount of USD8.1 billion that CBN claims was illegally sent out of the country by MTN.

MTN’s lawyer, Wole Olanipekun said that the telecoms provider had received the central bank’s response to its court filing and that MTN would be filing its reply to the bank’s claim.

In August the Central Bank of Nigeria (CBN) ordered MTN and its lenders to return the funds which it alleged the telecoms company had sent overseas against foreign exchange regulations.

Olanipekun told Reuters that MTN had gone to court to sue the central bank and the attorney general and now, in response, the central bank had filed a counterclaim.
The filing of the counterclaim means that now the matter is entirely in the hands of the law and that all parties must await the decision of the court as this is where the final resolution will come from.

The spokesman for CBN, Isaac Okorafor said that he is hopeful for a fair conclusion to the matter through the courts and that the CBN is aggressively engaging MTN and the banks.

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