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Real Economy News in Real Time
R/€ = 15.99 Change: 0.06
R/$ = 14.05 Change: 0.05
Au 1224.32 $/oz Change: -0.45
Pt 844.50 $/oz Change: -7.36
 
 
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Nigerian court adjourns case between MTN and attorney general to Dec 3

8th November 2018 BY: Reuters

A Lagos judge on Thursday adjourned a hearing in a $2-billion dispute between South African telecoms firm MTN Group and Nigeria's attorney general until December 3.

MTN faces a $2-billion tax demand from the country's attorney general, a claim which the company has said is without merit. The central bank has also accused the firm of illegally sending $8.1-billion abroad, which MTN has denied as well.

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Africa's biggest telecoms firm, which makes about a third of its annual core profit in Nigeria, currently has a market valuation of roughly $12-billion. The two disputes total $10.1-billion.

The South African Reserve Bank (SARB) on Wednesday said the country's financial stability was threatened by the demands made of the telecoms firm by Nigerian authorities.

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At the hearing next month, MTN will make its case that Nigeria's attorney general exceeded his powers in demanding $2-billion in taxes and charges.

In a separate hearing on December 4, MTN will make its case in court against the central bank's demand for the return to Nigeria of $8.1-billion it said was illegally taken out of the country. 

EDITED BY: Reuters
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