MTN Wants Nigerian Assets Protected By The Court Over Dispute

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Remera On the wall in Kigali, Rwanda, is a yellow advertisement of the telecommunication company MTN,which is one of the biggest in East Africa.(Photo Credit: Andreas Marquardt / Shutterstock.com)
Remera On the wall in Kigali, Rwanda, is a yellow advertisement of the telecommunication company MTN,which is one of the biggest in East Africa.(Photo Credit: Andreas Marquardt / Shutterstock.com)

MTN, Africa’s largest mobile phone operator, has  applied to the High Court of Nigeria to protect its assets and shareholder rights within the confines of the law while the company continues to engage with the relevant authorities.

Last month, the Nigerian Central Bank demanded $8,1 billion (R115 billion) allegedly paid as a dividend to MTN to be refunded to it. The government also handed MTN with a separate $2 billion tax bill. 

MTN  announced on Monday that MTN Nigeria has applied to the Federal High Court of Nigeria for injunctive relief from the Central Bank of Nigeria (CBN) and the Attorney General of the Nigerian Federation (AGF)’s orders.

 “We believe that we have complied with all relevant laws, and in light of that, and the conflicting instructions from different organs of State, we have had no choice but to seek relief from the Courts in Nigeria. We remain firmly committed to the Nigerian market and will continue to engage with the authorities on these matters,”  MTN Group CEO Rob Shuter said in a statement on Monday.

For more read: Is Nigeria Kicking Itself In The Foot With Another MTN “Scandal”?

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