The Central Bank of Nigeria has announced the resolution of its dispute with MTN Communications Limited, saying the company will now atone only for the illegal remittances on preference shares issued in 2008.
CBN’s spokesman and director of corporate communications, Isaac Okorafor, announced the breakthrough in a statement published on the bank’s website on Monday.
The MTN also corroborated the truce in a statement simultaneously issued in Johannesburg.
According to the terms of settlement, the CBN instructed MTN Nigeria to implement a notional reversal of the 2008 private placement of shares in MTN Nigeria at a net cost of circa N19.2 billion – equivalent to US$52.6m (the notional reversal amount).
“This is on the basis that certain certificates of capital importation (CCIs) utilised in the private placement were not properly issued.
“MTN Nigeria and the CBN have agreed that they will resolve the matter on the basis that MTN Nigeria will pay the…
