MTN, Nigeria agree to settle $8.1bn forex case out-of-court

The Nigerian government and African telecommunications giant, MTN, are settling out of court in a $8.1 billion repatriation case as talks reached an advanced stage.

Wole Olanipekun, counsel to MTN and Seyi Sowemimo, CBN’s lead counsel, told the court on Tuesday, that the negotiation for settlement was already in an advanced stage.

Olanipekun said his client has approached CBN and decided to pursue an out-of-court settlement, News Agency of Nigeria (NAN) reports.

Saliu Saidu, the judge presiding over the case, however, adjourned till December 12 for a report on the settlement.


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In August 2018, MTN had filed the suit, seeking an injunction to restrain the CBN and Attorney General of the Federation (AGF) from taking further actions to on foreign exchange repatriation and taxes reclaim.

Earlier, Nigeria’s central bank (CBN) ordered Africa’s telecoms giant and four other banks to “refund a total of $8.134billion moved out of the country” for breaching the country’s forex regulations.

The central bank also slammed a huge N5.8 billion fine on the banks for allegedly aiding MTN in the illegal capital repatriation.

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