Alleged $10bn Sanctions: MTN Set To Settle With Nigeria Out Of Court

A Federal High Court sitting in Lagos has adjourned till December 12 for a report of settlement in the suit filed by telecoms giant, MTN challenging the fine imposed on it by the Federal government of Nigeria.

Justice Saliu Saidu fixed the date after parties in the suit informed him of their intention to settle the matter out of court.

The Federal Government had reportedly asked MTN Nigeria to pay $2 billion in tax arrears. This is in addition to another $8.13billion said to have been illegally repatriated outside Nigeria.

At the resumed hearing of the matter on Tuesday, Senior Advocate of Nigeria, Wole Olanipekun who represented MTN informed the court of the intention of parties to explore out of court settlement.

Olanipekun then asked for an adjournment to allow parties to meet and deliberate on the terms of settlement.

Counsel to the Central Bank of Nigeria (CBN), Seyi Sowemimo SAN confirmed the development and urged the court to grant a short adjournment for report of settlement especially as talks had reached an advanced stage.

Justice Saidu subsequently adjourned to the 12th of December.