South African telecoms company MTN Group is in talks with the Central Bank of Nigeria (CBN) to settle their ongoing USD8.1 billion dispute, Reuters reports. In August the bank ordered MTN to return the funds, claiming it was illegally moved out of the country, leading to a court battle between the parties. According to the CBN, MTN had not obtained approval before transferring the funds and four banks had also breached foreign exchange laws by failing to verify that the operator had met all the requirements, although MTN has denied any wrongdoing.
A court in Lagos has adjourned the case until 12 December, although Seyi Sowemino, a lawyer representing the CBN, said the parties were in advanced stages towards the settlement. The lawyers requested a short adjournment to report back to the court on the settlement talks.