Monday, June 24, 2024

MTN resolves $8 billion row with Nigeria

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Fred Dzakpata
Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.

Telecommunication firm MTN has finally resolved the recent $8.1 billion row between it and the Nigerian Government.

Nigeria had earlier accused Africa’ biggest telecom firm, MTN of illegally repatriating the money to South Africa.

But a statement cited by from the Central Bank of Nigeria says the impasse has now been resolved.

That was after MTN provided additional information to the Nigerian government.

MTN said on Twitter that it has resolved “Nigeria dividend issue, makes $53m payment, engaging with banks regarding the agreement”.

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A statement from the Central Bank of Nigeria also said the bank and “MTNN have mutually agreed that” previous illegal “transaction be reversed notionally to bring it into full compliance with foreign exchange laws and regulations.”

“The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter,” the bank’s statement said.

Meanwhile MTN is facing a separate $2 billion tax demand case from Nigeria’s attorney general.

MTN’s biggest market is in Nigeria. It accounts for a third of it’s annual core profit.




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