$8.1b dispute: Court adjourns MTN, CBN case to next year

ANigerian judge adjourned yesterday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until Jan. 22.The dispute is over the transfer of $8.1 billion of funds which Nigerias central bank said the company had sent abroad in breach of foreign-exchange regulations. MTN has denied any wrongdoing.Nigeria is MTNs biggest market, accounting for a third of the South African companys annual core profit. The mobile phone network serves 56 million people in Nigeria.The adjournment came at the request of the central bank and MTN lawyers.We are still making moves towards an out of court settlement, a central bank lawyer told the court.An MTN lawyer said discussions were ongoing.Nigeria is MTNs biggest market, accounting for a third of the South African companys annual core profit. The mobile phone network serves 56 million people in Nigeria.
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