Nigerian central bank in $8 billion court battle with telecoms company
South African firm says central bank’s demand over alleged breach of forex rules is “illegal”
Nigeria’s central bank is being sued by South African telecoms company MTN in a dispute over the alleged illegal repatriation of profits.
The Central Bank of Nigeria alleged on August 29 in a statement on the social media network Twitter that MTN’s Nigerian subsidiary had breached Nigeria’s foreign exchange regulations. The CBN said MTN and four commercial banks would have to “refund” over $8.1 billion in profits, which it said had been illegally repatriated to South Africa.
The fine is by far
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