Court adjourns hearing on CBN/MTN repatriation tussle

A federal court in Lagos on Wednesday adjourned the case between the Central Bank of Nigeria (CBN) and South African telecoms firm, MTN Group, following advanced discussion by both parties to settle out of court.

The court had, earlier in the month, adjourned the hearing over similar reasons.

Reuters reports on Wednesday that the hearing over the $8.1 billion dispute between both parties was adjourned until January 22, 2019.

The CBN had accused the telecoms giant of illegally repatriating the fund, in breach of foreign-exchange regulations.

MTN, however, denied any wrongdoing.

The apex bank would later sanction the four banks involved in the alleged illegality.

The banks also denied wrongdoing.

On Wednesday, Reuters reports that the court adjourned the hearing at the request of the central bank and MTN lawyers.

“We are still making moves towards an out of court settlement,” a central bank lawyer told the court. An MTN lawyer also said discussions were ongoing to ensure the dispute was settled amicably.

Nigeria is MTN’s biggest market and the nation accounts for the company’s core profit, even as it is fast becoming its most problematic market.