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MTN resolves Nigeria dispute

MTN had been accused of endangering Foreign Exchange Reserves by taking the money out of the country.

FILE: Picture: AFP.

JOHANNESBURG - Nigeria’s central bank has confirmed that an agreement has been reached with MTN over allegations that the South African company illegally repatriated $8.1 billion.

MTN says it has agreed to pay $53 million to the bank but didn’t provide further details.

MTN had been accused of endangering Foreign Exchange Reserves by taking the money out of the country.

However, the company had argued that the funds were taken abroad over a nine-year period, and the withdrawal had been gradual.

The matter then headed to the courts with the central bank arguing that MTN faced a fine and the money needed to be returned.

This is not the first time that MTN has come under pressure in Nigeria.

The company was fined a revised amount of over a billion dollars two years ago to end a dispute with Nigeria over unregistered sim cards.

And earlier in 2018, the central bank argued that Nigeria owed two billion dollars in tax.

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