Finance: Nigeria's central bank counters MTN in court document over $8.1 billion dispute

Nigeria's central bank counters MTN in court document over $8.1 billion demand

Nigeria's central bank urged the court to deny MTN’s request for an injunction over $8.1 billion demand in improper forex repatriation.

Nigeria's central bank has asked the court to deny MTN’s request for an injunction over the refund of the $8.1 billion demand.

According to court papers seen by Bloomberg News, the apex bank urged the Federal High Court sitting in Lagos to ensure MTN pay an annualised 15% interest until courts rule on the conflict.

The new counterclaim from Nigeria’s central bank is contradicting an “equitable resolution” it promised in the repatriation issue.

ALSO READ: All you need to know as Nigeria’s central bank and MTN go head-to-head in new forex saga

Wole Olanipekun, the South African telecom’s lawyer told Reuters on Friday, October 5, 2018, that the telco firm will file a reply to the bank's claim.

He said with the development both parties have surrendered to court for decision. Despite the court approach, CBN said it is committed to an amicable resolution.

Also from Business Insider Sub-Sahara Africa:

Source: Pluse ng

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