CBN sanction: MTN to use 2016 senate report in court

MTN Nigeria says it will use the report of the 2016 senate investigation against the Central Bank of Nigeria in court.

The court hearing of the case is already before the federal high court in Ikoyi.

Saliu Saidu, the judge presiding over the case, after hearing submissions from lawyers on both sides on Tuesday adjourned the matter till December 4, 2018.

“At the adjourned hearing in December, MTN will make its case to stop the central bank asking for the return of $8.1 billion to Nigeria,” a statement by the telecommunications company read.

“Specifically, court documents show that MTN will draw attention to a 2016 Senate investigation into alleged foreign exchange violations where the CBN, in sworn testimony, said that the company was not in breach of any provision of the law with respect to the contested Certificates of Capital Importation.”

MTN said the allegations are without merit but said authorities have not taken negative steps against it.

Commenting on the case, Rob Shuter, MTN group CEO, said the company will keep engaging with Nigerian authorities to resolve the dispute.

Wole Olanipekun, lead counsel to MTN, said the company “trusts that the Nigerian judicial process will reach the inevitable conclusion on this matter and justice will take its course”.

A separate hearing between MTN and the attorney general over the tax demand has been scheduled for November 8 at the same court.

The CBN had on, August 29, ordered the firm and four of its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations.