CBN, MTN Ends Legal Tussle, Resolves Dispute

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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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