Trial date set for Nigeria-MTN forex dispute

A hearing in the court case between MTN and Nigeria’s central bank in a dispute over the alleged transfer of $8.1bn of funds by the telecoms firm, has been set for 30 October. The company has denied claims that it depleted Nigeria’s forex reserves after the central bank accused it of moving the funds abroad in an ongoing row with the bank, which is battling to shore up its currency. Nigeria is MTN’s biggest market and accounts for a third of its annual core profit. A report on the IoL site notes that the central bank said in its counterclaim to the court that MTN contributed to depleting Nigeria’s reserves through the purchase of dollars via unapproved certificates. MTN has denied any wrongdoing. Nigeria faced a severe shortage of dollars in 2016 caused by low oil prices, leading to a sharp devaluation of the naira. The currency crisis triggered a recession, which the country emerged from last year. A separate hearing between MTN and the Attorney-General over an alleged $2bn unpaid tax bill has been scheduled for 8 November in the same Lagos court.

Full IoL report