LAGOS – A hearing in the court case between MTN and Nigeria's central bank in a dispute over the alleged transfer of $8.1 billion (R117bn) of funds by the telecoms firm, has been set for October 30, a lawyer for MTN said on Friday.
MTN has denied claims that it depleted Nigeria's forex reserves, the South African telecoms group's lawyer, Wole Olanipekun, told Reuters on Friday, after the central bank accused the company of moving $8.1bn abroad in an ongoing row with the bank, which is battling to shore up its currency.
Nigeria is MTN's biggest market and accounts for a third of its annual core profit.
The central bank has said in its counterclaim to the court that MTN contributed to depleting Nigeria's reserves through the purchase of dollars via unapproved certificates. MTN has denied any wrongdoing.
Nigeria faced a severe shortage of dollars in 2016 caused by low oil prices, leading to a sharp devaluation of the naira. The currency crisis triggered a recession, which the country emerged from last year.