Nigeria Court disallow FG power to grab MTN’s cash in Nigerian banks

Justice Mohammed Idris of the Federal High Court in Lagos has denied the
Federal Government powers to seize all funds owned by MTN Nigeria
Communications Limited in Nigerian banks, pending when the
telecommunication company pays up the N1.4 trillion fine leveled against
it by the NCC over its failure to deactivate unregistered sim cards.

The Attorney General and Minister of Justice,
Abubakar Malami (SAN), through his counsel, Dipo Okpeseyi (SAN), had in a
motion filed before the court, expressed fears of MTN moving all its
funds in Nigeria, since it was in their habit to do so.

According to the court paper, MTN had between October 2007 and May 2009
moved over $7.7bn of the money made in Nigeria to a foreign account. The
telecommunications company had also on February 8, 2008, moved over
$936m out of Nigerian banks to their foreign accounts.

“Unless this honourable court urgently entertains this application, the
plaintiff/respondent would move its funds out of Nigeria, being the
jurisdiction of this honourable court, and thereby frustrate the
enforcement of the fine in the likely event that this honourable court
sanctions the imposition of the fine,” counsel to the AGF said.

However in his ruling, the presiding judge, Justice denied the Federal
governments application, stating that it had not provided any evidence
showing that MTN was indeed moving its funds out of Nigerian banks. He
said hearing on the case filed against the Federal government
challenging the N1.4 trillion fine is more important and of public
interest and will need to be heard soon so judgement can be delivered.
He adjourned the case to January 22nd. Declaimer: Opinion expressed in comments are those of the comment writers alone and does not reflect or represent Koko Level’s.

About manager 3856 Articles
Advertisement, Content marketing and  sponsored post: contact :

Be the first to comment

Leave a Reply