MTN Fights Back, Sues CBN

By Ikenga Chronicles September 11, 2018

MTN Fights Back, Sues CBN

MTN Nigeria has fought back by suing the Central Bank of Nigeria (CBN) for directing them to repay $8.134 billion illegally repatriated from the country.

The Attorney General of the Federation (AGF) was also challenged for demanding that the telecoms company pay $2 billion tax arrears to the federal government.

MTN had prayed the Federal High Court on Monday, to stop the CBN and the AGF from taking further action in respect of their orders.

Recall that the CBN accused MTN Nigeria of illegally repatriating the sum of $8.134 billion from Nigeria between 2007 and 2015, while the AGF accused MTN Nigeria of unpaid tax arrears of $2 billion within the same period.

MTN denied all the allegations, stating that the reason why they are in court is to protect its assets in Nigeria and shareholder rights within the confines of the law.

MTN said it would continue to categorically and unequivocally deny all charges related to the Central Bank of Nigeria (CBN) and Attorney General of the Federation(AGF) investigations into the company’s Certificates of Capital Importation (CCIs) and unpaid taxes respectively.

The company, in a statement issued on Monday, said: “In order to protect MTN Nigeria’s assets and shareholder rights within the confines of the law, we have applied in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while we continue to engage with the relevant authorities on these matters.”

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