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Home Business News

Court Orders MTN Nigeria To Forfeit N8 billion to FG

Onome Ohwovoriole by Onome Ohwovoriole
January 9, 2017
in Business News, Company News, Politics
MTN To Increase Data Cost By 300%, Blames NCC For Introducing New Rates. 
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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.

Tags: MTN NigeriaNigeria
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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