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Federal Government to Settle MTN $8 Billion Suit Out Of Court

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It appears the clash between the Nigerian government and MTN is about to become a thing of the past. In a recent development, the FG has reached an out-court-settlement with the mobile telecommunications firm after they initially accused the South African company of illegally shipping $8.1 billion out of Nigeria some months back. Nevertheless, the Nigerian government is yet to make known details of the settlement.

Speaking on the decision, lawyers of MTN agreed the terms of the settlement were filed on December 28, 2018.

Also, the lawyer representing the Central Bank of Nigeria confirmed that both parties had settled out of court. He also urged the court to enter the terms of settlement as judgment.

The Attorney General of the Federation was not against the settlement proposal but instead demand the removal of his client’s name from the suit.

The judge was pleased with both parties for not wasting judicial time by going through the rigour of a trial. He went with the decision of both parties and removed the AGF’s name from the suit.

The issue started when MTN were asked to return the $8.1 billion back to the pockets of the Central Bank of Nigeria, but they retaliated by filing a suit challenging the fine. However, a Federal High Court has recently entered the settlement terms as its judgment following both parties' decision to settle things amicably.

Written By - Sunday Moshood
Edited By - Ruth Olatunde

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