CBN, MTN Ends Legal Tussle, Resolves Dispute

Central Bank Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) said on Monday that an agreement reached with MTN over allegations that the South African company illegally repatriated $8.1 billion would end legal proceedings and meant the matter had been resolved, it said in a statement.

Earlier, MTN said the matter was resolved and it agreed to make a $53 million payment. Nigeria’s central bank did not refer to a figure but said the sides decided the agreement would “lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter”.

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