JOHANNESBURG – MTN, Africa's biggest telecoms company, yesterday moved to protect its assets in Nigeria on behalf of its stakeholders, saying that it had decided to approach the country's courts to restrain authorities from taking further action against it.
MTN said it had applied to the Federal High Court of Nigeria for an injunctive relief against the Central Bank of Nigeria (CBN) and the attorney-general of the Federal Republic of Nigeria (AFG).
The decision came after the company's stock tanked significantly last month when the CBN demanded that it put an $8.1 billion (R123.29bn) refund for allegedly illegally taking money out of that country.
The CBN also reportedly fined four of the country's banks for their part in helping illegally send $8.134bn out of the country, in breach of foreign exchange regulations.
To add to MTN’s woes, the AFG last week ordered that it pay $2bn in unpaid taxes for foreign imports.