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Hearing set for Oct. 30 in the case against MTN in Nigeria

22.10.2018
A hearing in the court case between MTN and Nigeria's central bank in a dispute over the alleged transfer of $ 8.1 billion by the telecommunications company, was set for October 30, according to a lawyer from MTN.

Nigeria is MTN’s largest market and accounts for one-third of its annual core profit.

A hearing in the court case between MTN and Nigeria’s central bank in a dispute over the alleged transfer of $ 8.1 billion by the telecommunications company, was set for October 30, according to a lawyer from MTN.

MTN denied allegations that it flouted Nigeria’s exchange rules after the central bank accused the company of relocating $ 8.1 billion abroad.

The central bank said in its court counterclaim that MTN had helped deplete Nigeria’s reserves by purchasing dollars through unapproved certificates.

In late August, she alleged that MTN and four banks illegally repatriated Nigeria’s money. The telecommunications giant has denied any wrongdoing.

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