A Federal High Court in Lagos today adjourned to January 22, 2019, the case brought by telecom company, MTN against the Central Bank of Nigeria.
MTN sued the central bank for sanctioning the South African company for foreign exchange regulatory breaches. The Apex bank had on August 29, 2018 ordered MTN and its four banks to refund $8.134 billion back into the country, sending the company’s shares plummeting. The CBN explained that the sanction was due to irregularities with respect to repatriations made by four banks on behalf of MTN Nigeria Limited.
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Since then there have been reports about the two parties working to settle the matter out of court. The matter came up for a report of settlement, with both MTN and CBN being represented by their staff.
Chief Wole Olanipekun SAN, Damian Dodo SAN, Professor Fabian Ajogwu SAN,Adeniran Adegbonmire SAN, Olabode Olanipekun SAN and other lawyers represented MTN .
Seyi Sowemimo SAN, Adebola Akinrele SAN and others represented CBN, while the Attorney General of the Federation was also represented.
Chief Olanipekun SAN informed the court that the parties were still discussing, and urged the court to adjourn the matter to enable the parties prepare a report of the settlement. Seyi Sowemimo SAN confirmed what Chief Olanipekun, SAN, said and asked for the court to adjourn to January 22, 2019.
Based on the request of counsels, Court adjourned the matter January 22, 2019, for a report of the settlement.
Odunayo Oyasiji
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