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MTN Pays $52.6m to End Dispute with CBN

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The Central Bank of Nigeria has asked MTN Nigeria to pay $52.6m in settlement of the $8.1bn foreign exchange repatriation dispute.

The African telecoms giant and the CBN, in separate statements issued on Monday, said that the agreement was reached after several intensive engagements in Lagos.

MTN said the settlement was based on the realisation that certain Certificates of Capital Importation utilised in some private placement shares of about $1bn in 2008 were not properly issued as the company only got approval-in-principle from the CBN.

“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 N19.2bn – equivalent to $52.6m,” the telecoms company said.

“MTN Nigeria and the CBN have agreed that they will resolve the matter on the basis that MTN Nigeria will pay the notional reversal amount without admission of liability.”

The statement signed by the Director, Corporate Communications, CBN, Isaac Okorafor, read in part, “The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.

“The CBN assures foreign investors that the integrity of the CCIs issued by authorised dealers remains sacrosanct. Potential investors are encouraged to take advantage of the enormous investment opportunities that abound within Nigeria.”

The two parties said they would continue discussions in relation to the issues dealt with in the resolution agreement.

The network provider explained that the regulator reviewed additional documents it presented and it was resolved that the telco was no longer required “to reverse the historical dividend payments made to MTN Nigeria shareholders.”

As part of the agreement, MTN said, “The CBN will regularise all the CCIs issued on the investment by shareholders of MTN Nigeria of circa $402,625,419 without regard to any historical disputes relating to those CCIs, thereby bringing to a final resolution all incidental disputes arising from this matter.”

Regarding the MTN/Accountant General of Federation dispute on back taxes, MTN informed its shareholders that the legal process it initiated, seeking the restraining of the AGF from taking further action, was ongoing.

MTN Nigeria maintained its innocence on the $2.1bn tax allegation, saying no additional payment, as claimed by the AGF, was due.

The AGF matter came up for initial mention before the Federal High Court of Nigeria Lagos Judicial Division on November 8, 2018, and has been adjourned to February 7, 2019.

It added that the suit had been adjourned to February 7, 2019 in the Federal High Court, Ikoyi.

The CBN in late August had alleged that MTN and four of its banks – Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc – illegally repatriated $8.1bn from Nigeria while the office of the Attorney General claimed the company failed to remit $2bn back taxes.

The CBN also imposed a total fine of N5.87bn on the four banks for allegedly remitting dividends with irregular CCIs on behalf of MTN Nigeria between 2007 and 2015.

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Delta Govt Confirms Death of Senator Nwaoboshi at 68

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Senator Peter Onyelukachukwu Nwaoboshi, the former lawmaker who represented Delta North Senatorial District in the National Assembly, has passed away. He was 68.

Reports said that Nwaoboshi died on Friday in Abuja following a brief illness.

His demise was confirmed in a condolence statement issued by the Delta State governor, Rt. Hon. Sheriff Oborevwori.

Expressing sorrow, the governor described Nwaoboshi’s passing as a monumental loss to Delta State, the Anioma nation, and the Nigerian federation.

In the statement by his Chief Press Secretary, Sir Festus Ahon, Governor Oborevwori hailed the late Senator as a “fearless advocate” of the Anioma cause whose contributions to nation-building remain indelible.

The governor recalled Nwaoboshi’s impactful tenure in the Red Chamber, particularly his role as Chairman of the Senate Committee on Niger Delta Affairs.

He noted that Nwaoboshi’s consistent advocacy for the development of the oil-rich region distinguished him as a passionate and committed leader.

“On behalf of the government and people of Delta State, I mourn the passing of my dear friend, Senator Peter Onyelukachukwu Nwaoboshi,” the governor said.

“I extend my heartfelt condolences to his immediate family, the people of Anioma nation, members of the All Progressives Congress (APC), and all those whose lives he touched. I pray that Almighty God grant his soul eternal rest.”

Before his elevation to the Senate in 2015, he served meritoriously as a two-term Chairman of the Peoples’ Democratic Party (PDP) in Delta State, where he was instrumental in consolidating the party’s grip on the State.

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Ribadu’s Office Denies Arming Miyetti Allah in Kwara

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The National Counter Terrorism Centre (NCTC), under the office of the National Security Adviser Mallam Nuhu Ribadu, has refuted claims that it armed members of the Miyetti Allah group for counter-terrorism operations in Kwara State.

The Head of Strategic Communication at NCTC, Mr. Michael Abu, issued the rebuttal on Wednesday in Abuja.

Abu described the reports circulated by some online platforms as false and misleading, saying they misrepresented ongoing security operations in forested areas of the state.

He said that in line with the Terrorism Prevention and Prohibition Act, 2022, it continued to coordinate and support law enforcement, security and intelligence agencies in countering all forms of terrorism across the country.

NCTC spokesman explained that Nigeria’s counter-terrorism efforts guided by the National Counter Terrorism Strategy (NACTEST), involved the deployment of hybrid forces comprising regular security personnel and trained auxiliaries such as hunters and vigilante elements, particularly in difficult terrains.

According to him, the hybrid approach, which was previously deployed with the Civilian Joint Task Force in the North-East, is currently being applied in parts of the North-West and North-Central, including Kwara State, and has recorded several successes against banditry and other criminal activities.

He stressed that the Federal government was not conducting kinetic operations with any socio-cultural group, adding that claims that the Office of the National Security Adviser provided arms to such organisations are unfounded and should be disregarded.

According to him, all auxiliary personnel involved in hybrid operations were recruited directly by authorised security and intelligence agencies after due diligence, and that all operations were conducted strictly in line with the law and established standard operating procedures.

He urged the media to exercise responsibility by protecting sensitive security information and seeking clarification through designated official spokespersons, while advising the public to ignore unverified reports capable of undermining ongoing operations.

He reaffirmed the centre’s commitment to transparency and stakeholder engagement to deepen public understanding of Nigeria’s counter-terrorism efforts.

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Respite As Court Stops Police, IGP from Enforcing Tinted Glass Permit Nationwide

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A Delta State Court sitting in Orerokpe has restrained the Inspector General of Police (IGP) and the Nigeria Police Force from resuming the enforcement of the tinted glass permit policy nationwide.

Justice Joe Egwu, while ruling on a motion ex-parte in a suit marked HOR/FHR/M/31/2025 filed by Isreal Joe against the IGP and two others, through his counsel, Mr. Kunle Edun (SAN), who led other lawyers, restrained, stopped and barred the respondents from resuming the enforcement of the tinted glass permit policy nationwide.

The order was sequel to the announcement by the Nigeria Police of its decision to resume the tinted glass permit enforcement on January 2, 2026.

Aside from the IGP, the court also restrained the Nigeria Police Force and the Commissioner of Police, Delta State Police Command, from resuming the enforcement of the tinted glass permit policy nationwide.

Justice Egwu also barred the police from harassing, arresting, detaining or extorting citizens and motorists on account of the said policy, pending the hearing and determination of the substantive suit.

The case has also reignited a dispute between the Nigeria Police and the Nigerian Bar Association (NBA). The NBA has maintained that the matter remains before the courts and warned that enforcement could constitute contempt.

The association said a suit challenging the constitutionality of the policy had been filed at the Federal High Court, Abuja, and that a judgment had been reserved following the conclusion of hearings.

The NBA further cited a Federal High Court order in Warri directing parties to maintain the status quo pending an interlocutory injunction. The association accused the police of disregarding the rule of law and urged President Bola Tinubu to intervene. “Any contrary executive action amounts to overreaching the Court and undermines the rule of law,” NBA President Mazi Afam Osigwe (SAN) said.

The police, through Force Public Relations Officer CSP Benjamin Hundeyin, insisted that no court order barred enforcement and defended its planned resumption on grounds of public security. Hundeyin noted a rise in crimes facilitated by vehicles with unauthorised tinted glass, citing incidents ranging from armed robbery to kidnapping.

“The Inspector-General of Police, out of respect and understanding, temporarily suspended enforcement to give Nigerians additional time to regularise their tinted glass permits.

That decision was not based on any court order but was a discretionary move to accommodate public concerns,” he said.

The announcement prompted warnings from the NBA that enforcement could trigger committal proceedings against the IGP and the Force spokesperson. The police, however, maintained that enforcement continues until directed otherwise by a court, highlighting recent incidents in which occupants of vehicles with tinted glass allegedly attacked officers.

The ruling by the Delta State High Court now legally bars the police from implementing the tinted glass permit policy nationwide while litigation on the policy’s constitutionality continues.

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