Business

$8.1bn Fine: Let’s Settle Out of Court, MTN Tells CBN

Published

5 years ago

December 4, 2018

Eric

Telecommunications firm, MTN Nigeria Communications Limited, on Tuesday, asked the Federal High Court in Lagos to further adjourn the hearing in the suit it filed to challenge the $8,134,312,397.63 being demanded from it by the Central Bank of Nigeria.

The $1.8bn demand by the CBN followed alleged forex remittances infraction by MTN.

On Tuesday, MTN’s lead counsel, Chief Wole Olanipekun (SAN), told the court that his client had approached the CBN for possible amicable resolution of the dispute.

He urged Justice Saliu Saidu to further adjourn the suit to enable parties to fully explore out-of-court resolution and deliberate on the terms of the settlement.

The position was confirmed by CBN’s lead counsel, Mr Seyi Sowemimo (SAN), who added that the discussions for possible out-of-court settlement were in the advanced stage.

Consequently, Justice Saidu adjourned till December 12, 2018, for a report of the settlement between the parties.

MTN filed the suit, marked FHC/L/CS/1475/2018, in November, urged the court to the declaration that the CBN acted ultra vires its statutory powers when it wrote an August 28, 2018 letter to it demanding a refund of $8.1bn.

The firm urged the court to hold that the CBN’s $8.1bn demand was “illegal, oppressive, abusive, unauthorised and unconstitutional.”

The telecommunications giant urged the court to declare that that “the 1st defendant’s decision in its letter of August 28, 2018 with Ref No GBD/GOV/COM/DGF/118/121 addressed to the plaintiff and titled, ‘Investigation into the remittance of foreign exchange on the basis of the illegal capital importation certificates issued to MTN Nigeria Communications Limited’ were reached in breach of the plaintiff’s right to fair hearing.”

It also urged the court to void a September 3, 2018 letter written to it by the 2nd defendant, the Attorney General of the Federation, demanding $8.1bn as “penalties for the offence of ‘infraction of forex remittances’.”

MTN sought a court order “restraining the 1st and 2nd defendants from giving effect to the decisions, demands, and directives in their letters of August 28, 2018, and September 3, 2018, respectively.”

However, the CBN, in its statement of defence and counter-claim, urged the court to dismiss MTN’s suit, insisting that the telecommunications giant must refund $8.1bn to the Federal Government.

The dispute over $8.1bn repatriated funds started when the CBN alleged that MTN used improperly issued certificates to transfer funds out of Nigeria after the telecom giant converted shareholder loans in its Nigerian unit to preference shares in 2007, but MTN denied the allegations.

The apex bank said MTN’s banks failed to verify that the telecom group had met all the country’s foreign exchange regulations.

The Punch

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

1 week ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

Business

Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

Published

3 weeks ago

March 30, 2024

Eric

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

Business

NNPC Denies Reducing Petrol Pump Price

Published

3 weeks ago

March 28, 2024

Eric

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.