MTN Pays $53 Million Central Bank Of Nigeria Settlement Fee
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN) has announced to the international news provider, Reuters that MTN has finally paid the $53 million settlement in order to resolve its legal dispute with the CBN. The matter has now officially been withdrawn from court.
CBN and MTN were embroiled in a dispute over the transfer of funds, which the bank alleged the company had sent overseas in breach of Nigeria’s foreign exchange policies.
Reuters reported that the CBN had demanded that MTN and its lenders pay back the whole $8.1 billion that it alleged the company had illegally repatriated using fraudulently issued paperwork between 2007 and 2008.
However, last month the South African telecommunications giant announced that MTN Nigeria and the CBN had agreed to conclude the matter on the basis that MTN Nigeria would pay the notional reversal amount without admission of any liability.
The CBN ordered MTN Nigeria to implement a hypothetical reversal of the 2008 private placement of shares in MTN Nigeria amounting to $53 million.
According to Reuters, Emefiele confirmed that the money paid by MTN was a notional amount and that the company has been cleared from any wrongdoing.
ITWeb asked MTN Nigeria for a comment on the matter, and the telecoms firm responded saying that they did not have anything more to add to what the CBN governor had already said.
Credit: This article originated from www.itweb.co.za