INTERNATIONAL - MTN and its bankers have provided more documents that may reduce Nigeria’s $8.1 billion (R120bn) claim on the wireless carrier, which could be resolved soon, Central Bank of Nigeria Governor Godwin Emefiele said.
The central bank alleged in late August that MTN and four banks, Standard Chartered, Citigroup, Stanbic Plc and Diamond Bank Plc, illegally repatriated money from Nigeria and that the company should return $8.1 billion. The local regulator also fined the four banks a combined $16 million.
Speaking to reporters in London on Sunday, Emefiele said he expected that the new information would help cut the size of the claim and that the matter would be resolved “amicably.”
“I don’t think it will be at $8.1 billion having provided documents,” Emefiele said, adding his staff is studying the documents and he hoped to make a decision on the matter in a “couple of weeks.”
MTN sought an injunction in early September to buy itself time and fight the claim in its biggest market, which wiped as much as 36 percent off its market value within two weeks.