MTN settles $8b illegal repatriation case with Nigerian government for $53m

Nigerian authorities in August 2018 accused MTN of illegal repatriation of funds to its parent company, MTN Group of South Africa.

The Central Bank of Nigeria ordered MTN to refund an amount of $8.134 billion that it illegally remitted to MTN Group based in Johannesburg, over a period of nine years.

MTN has however settled the matter by paying a far less amount of $53 million to the Nigerian government.

MTN and the Nigerian authorities will meanwhile return to court in early February over a separate claim that the phone company owes $2 billion in back taxes.

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