MTN SETTLES NIGERIA DISPUTE

MTN-building

Governor Godwin Emefiele has on Tuesday revealed that MTN has paid $53 million to settle a money transfer dispute with Nigeria’s central bank and the matter has been withdrawn from court.

The central bank had ordered MTN and its lenders to bring back a total of $8.1 billion it alleged the company had illegally repatriated using improperly issued paperwork between 2007 and 2008.Emefiele said the money paid by MTN was a notional sum and that the company has been absolved from any wrongdoing, he said during a monetary policy meeting at which the bank left interest rates on hold at 14 percent.

Source:ITNews Africa

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