Tuesday, May 11, 2021

MTN hires 15 lawyers to challenge $8.1bn demand by CBN 


Rayyan Alhassan
Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a 30-year-old graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
tiamin rice

The Federal High Court in Lagos has fixed December 4, 2018, for hearing in the suit filed by MTN Nigeria Communications Limited to challenge the  $8,134,312,397.63 being demanded by the Central Bank of Nigeria over the alleged forex remittances.

At the Tuesday proceedings in the case, MTN was represented by Chief Wole Olanipekun (SAN), who led 14 other lawyers, including Prof Fabian Ajogwu (SAN), Damian Dodo (SAN), Adeniyi Adegbonmire (SAN), and Mr Bode Olanipekun (SAN).

READ  CBN makes first FOREX intervention for 2019 worth $210m

On the CBN legal team were Messrs Seyi Sowemimo (SAN) and Ademola Akerele (SAN).

READ  Police arraign NewsDigest editor Gidado Yushau over report on Serah Alade’s factory

The Attorney General of the Federation, Abubakar Malami (SAN), who was joined as the 2nd defendant in the suit was absent and was not represented in court.

While adjourning the suit till December 4, 2018, for the hearing of all pending applications, Justice Saliu Saidu directed that hearing notice should be served on the Attorney General of the Federation.

In the suit, marked FHC/L/CS/1475/2018, MTN is seeking a court declaration that it is “not liable to refund $8,134,312,397.63 to the coffers of the 1st defendant (CBN) premised on the decisions reached in the 1st defendant’s letter of 28/8/2018.”

READ  Buhari opens Africa's first rice seedling plant in Calabar

The telecommunications giant is urging the court to declare that that “the 1st defendant’s decision in its letter of August 28, 2018 with Ref No GBD/GOV/COM/DGF/118/121 addressed to the plaintiff and titled, ‘Investigation into the remittance of foreign exchange on the basis of the illegal capital importation certificates issued to MTN Nigeria Communications Limited’ was reached in breach of the plaintiff’s right to fair hearing.”

READ  COVID-19: Farmers call for review of anchor borrowers’ interest rate

The firm wants Justice Saidu to hold that the CBN “lacks the power to determine the civil obligations or penal liabilities of the plaintiff.”

READ  COVID-19: Farmers call for review of anchor borrowers’ interest rate

It is urging the court to declare that the CBN acted ultra vires its statutory powers when it wrote the August 18 letter to it demanding a refund of $8.1bn.

The firm wants the court to hold that the $8.1bn demand was “illegal, oppressive, abusive, unauthorised and unconstitutional.”

It also wants the court to void the September 3, 2018, letter written to it by the AGF demanding $8.1bn as “penalties for the offence of ‘infraction of forex remittances’.”

Related News

Latest News