Nigerian central bank in $8 billion court battle with telecoms company

The Central Bank of Nigeria

Nigeria’s central bank is being sued by South African telecoms company MTN in a dispute over the alleged illegal repatriation of profits.

The Central Bank of Nigeria alleged on August 29 in a statement on the social media network Twitter that MTN’s Nigerian subsidiary had breached Nigeria’s foreign exchange regulations. The CBN said MTN and four commercial banks would have to “refund” over $8.1 billion in profits, which it said had been illegally repatriated to South Africa.

The fine is by far

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