$8.1bn Reparation: Judge Gives More Time For Settlement Between MTN, CBN

SAN FRANCISCO, December 12, (THEWILL) – A Federal High Court in Lagos, on Wednesday granted MTN Nigeria Communications Ltd, and the Central Bank of Nigeria (CBN) till January 22, for a report of settlement talks in their $8.1bn reparation dispute after parties prayed for more time to forge a deal.

At the last hearing of the suit on December 4, the parties told the judge that they were exploring an out of court agreement following which the suit was adjourned for report of settlement.

At the commencement of proceedings on Wednesday, Chief Wole Olanipekun (SAN) for MTN, Mr Seyi Sowemimo (SAN) for CBN, and Mrs Oluwakemi Kanbu, for the Attorney-General of the Federation (AGF) confirmed that a deal had yet to be reached.

Olanipekun said: “We were before this court on December 4, and told the court that parties were talking settlement. My Lord, the discussion is still ongoing and progressing.

“As a result of this, we seek further indulgence for a date in January, so we can inform your lordship on further developments. We are very much obliged,’’ he said

Sowemimo confirmed Olanipekun’s submission.

He said: “I confirm that we are still making moves for out of court settlement, and we will be available on January 22, 2019, subject to the court’s convenience.’’

Kanbu aligned with both submissions.

Following the development and based on agreement of parties, the court consequently adjourned until Jan. 22, 2019, for a report of settlement.

MTN had filed the suit, seeking an injunction to restrain the CBN and AGF from taking further actions to reclaim the alleged debts urging the court to hold that CBN lacks power to determine its civil obligations or penal liabilities.

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