Home Business News Court Orders MTN Nigeria To Forfeit N8 billion to FG

Court Orders MTN Nigeria To Forfeit N8 billion to FG

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In yet another battle for MTN Nigeria, a federal high court has granted a court order temporarily forfeiting the sum of N8 billion naira belonging to the communications firm domiciled in an account with Ecobank Nigeria. The federal government had sought the court order for the forfeiture on the suspicion of money laundering.  The court order also affects a bank account maintained with Skye bank also containing billions of naira.

MTN Nigeria is Nigeria’s largest telecommunications firm by number of subscribers. The company had recently settled a case with the Nigerian Communications Commission (NCC). This resulted in the company agreeing to pay the sum of N330 in staggered payments ending in May 2019. The company was also required to list its shares on the Nigerian Stock Exchange.

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