CBN $8.1b Demand: MTN Seek Out Of Court

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Image result for mtn vs cbn 
The hearing between MTN Nigeria Communications Limited and Central Bank of Nigeria (CBN) resumed yesterday at a Federal High Court sitting in Lagos for an amicable resolution of the dispute that arose from the apex bank's demand for the payment of $8.1 billion from the telecommunication outfit. 

MTN’s lawyer, Chief Wole Olanipekun (SAN), made the disclosure yesterday at the resumed hearing of a suit to challenge the legality of the CBN's demand. However, he pleaded the court to further adjourn the matter to allow for conclusion of discussions. He said: “We were before this court on December 4, and had told the court that parties were talking settlement. My lord, the discussions are still ongoing and progressing. “As a result of this, we seek further indulgence for a date in January, so we can inform your lordship on further developments. 

We are very much obliged."CBN's lawyer, Mr. Seyi Sowemimo (SAN) and Attorney General Federation (AGF's) lawyer, Mrs. Oluwakemi Kanbu, confirmed Olanipekun's position. Sowemimo said: “I confirm that we are still making moves for out-of-court settlement, and we will be available on January 22, 2019, subject to the court’s convenience." 

The matter was consequently adjourned to 22nd January, 2019 for report of settlement by the judge Justice Saliu Saidu of the Federal High Court.

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