By Onyewuchi Ojinnaka
The legal battle between MTN Telecommunications Limited and the Central Bank of Nigeria (CBN) before a Federal High Court, Lagos on the controversial alleged illegal repatriation of $8.1 billion by the telecom outfit may be resolved amicably out of court by the parties and the outcome of the settlement reported to the court on December 12.
The presiding judge, Justice Saliu Saidu fixed December 12 for report of settlement after parties had informed the court that they were engaged in settlement talks.
When the case was called on Tuesday, Wole Olanipekun (SAN) announced his appearance alongside four other senior lawyers, for MTN.
In the same vain, Seyi Sowemimo (SAN) announced his appearance for CBN, while T.D Agbe, Senior State Counsel from the Federal Ministry of Justice, appeared for the Attorney General of the Federation (AGF).
Making his submission, Olanipekun said: “May it please your lordship, the matter today, is slated for hearing of pending applications, but we owe the court a duty to inform it that parties are engaged in settlement talks.
“Counsel have confered, and in view of this, we are asking for a short date for report.”
On his part CBN counsel said: “We have advanced stages towards settlement, and it remains to cross the ‘T’s and dot the ‘I’s; it is just for report of settlement.”
Following this development and based on agreement of parties, the court consequently adjourned the case until December 12 for a report of settlement.
It would be recalled that MTN had filed the suit, seeking an injunction to restrain the CBN and AGF from taking further actions to reclaim the alleged debts.
The firm wants the court to hold that the CBN lacks power to determine its civil obligations or penal liabilities.
It had therefore urged the court to declare that the CBN acted outside its statutory powers when it wrote a letter to it on August 18, demanding a refund of $8.1 billion.
It further wants the court to hold that the demand was illegal, oppressive, abusive, unauthorised and unconstitutional.
On its part. CBN alleged that the telecoms firm improperly repatriated dividends, and requested that MTN should return $8.1 billion to its coffers.
Meanwhile, MTN had filed a sister case before another judge of same court, Justice Chukwujekwu Aneke, against the AGF, challenging a withholding tax assessment of $1.3 billion and an import duty tax of N242 billion.
MTN queries how these assessments were made
Justice Aneke has fixed February 7, 2019 for hearing of all pending applications in this suit.