MTN Banking On Courts To Settle Dispute With Nigeria - CEO
Image: Bubbles Nigeria

MTN Group has said it would be banking on the courts to settle its dispute with the Nigerian government, according to Chief Executive Officer, Rob Shuter.

The telecoms company is facing a $10.1 billion dispute with Nigeria following allegations of an illegal repatriation of funds, a claim the company had denied.

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Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on August 29 mandated the firm and its lenders to return $8.1 billion to Nigeria as it breached the West African nation’s foreign exchange laws.

Also, the firm is battling a $2 billion tax demand from Nigeria’s attorney general.

A court hearing between the central bank and MTN on the $8.1 billion repatriation case is billed for Tuesday (today).

But Shuter has said the company is still engaging relevant authorities to find ways of settling the dispute.

“We have continued engagement with authorities, exchanging documentation and there is a genuine will to reach an amicable situation,” Shuter told Reuters.

“However, we need to protect ourselves and we are relying on the courts in Nigeria to make sure there’s an amicable resolution.”

Shuter added that “No further negative steps have been taken by the authorities in Nigeria, however, it is important to keep legal steps going.

“Tomorrow (today) we are likely to have an adjourned date because more information will likely be requested, however, it is important to create an environment to look for continued solutions.”