MTN
Communications Limited has taken the Central Bank of Nigeria (CBN)
and the office of the Attorney General of the Federation (AGF) to
court.
The
he firm said the move was in order to protect MTN Nigeria’s assets
and shareholders’ rights within the confines of Nigerian law. The
firm will, however, continue to dialogue with the relevant
authorities.
According
to a statement by the company: “Further announcement regarding
Central Bank of Nigeria (CBN) and the Attorney General of the Federal
Republic of Nigeria (AGF) matters and renewal of cautionary
announcement.
“As
previously disclosed the CBN has alleged improper dividend
repatriations by MTN Nigeria Communications Limited (MTN Nigeria) and
requested that $8.1 billion be returned “to the coffers of the CBN”
whilst the AGF has alleged unpaid taxes on foreign payments and
imports and that approximately $2.0 billion in relation to these
taxes be paid to the Federal Government of Nigeria (and now directed
that the payment of the $8.1 billion is dealt with through his office
rather than as directed by the CBN).
“MTN
Nigeria has denied these allegations and claims. Furthermore, four
commercial banks were issued fines in respect of the administration
of the CCI and irregular dividend repatriation matter and requested
to return, in aggregate, the same $8. 1 billion.
“In
order to protect MTN Nigeria’s assets and shareholder rights within
the confines of Nigerian law, we have applied today in the Federal
High Court of Nigeria for injunctive relief restraining the CBN and
the AGF from taking further action in respect of their orders, while
we continue to engage with the relevant authorities on these matters.
“We
remain resolute that MTN Nigeria has not committed any offences and
will continue to vigorously defend its position.
“We
will provide further information as and when available. Shareholders
are accordingly advised to continue to exercise caution when dealing
in the Company’s securities until a further announcement is made.”
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