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Out Of Court Settlement Hearing For MTN Fine Postponed To March 18

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This MTN fine is looking more like something that may stretch out for some time. Just last week the case was postponed to allow for an out of court settlement. According to The Punch, The Attorney General of the Federation (AGF) Abubakar Malami (SAN) had expressed the fear that MTN could move all its funds out of the country before the N1.04tn fine could be enforced.

He had sought an order directing all the 21 banks to open a special interest-yielding account in the name of the Chief Registrar of the Federal High Court and move N1.04tn into it from MTN’s accounts. But in refusing the application, the judge said the AGF did not place enough material fact before the court to prove that MTN was making any moves to repatriate all its funds out of Nigeria.

Now you’ll recall that the fine was reduced by 25% to $3.9b. MTN is facing similar charges in Uganda and Cameroon.

This matter has been adjourned to March 18

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