Nigerian court adjourns MTN, central bank case until January 22

12th December 2018

By: Reuters

  

Font size: - +

A Nigerian judge adjourned on Wednesday a hearing over an $8.1-billion dispute between South African telecoms giant MTN and the central bank until January 22.

The dispute is over the transfer of $8.1-billion of funds which Nigeria's central bank said the company had sent abroad in breach of foreign-exchange regulations. MTN has denied any wrongdoing.

Nigeria is MTN's biggest market, accounting for a third of the South African company's annual core profit. The mobile phone network serves 56 million people in Nigeria.

The adjournment came at the request of the central bank and MTN lawyers.

"We are still making moves towards an out of court settlement," a central bank lawyer told the court.

An MTN lawyer said discussions were ongoing.

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION