Court Adjourns MTN, AGF $2bn Tax Case to October 29

By Modupe Gbadeyanka

The dispute between MTN and Nigeria’s Attorney General of the Federation (AGF), Mr Abubakar Malami, over the request for payment of $2 billion tax has been adjourned till Tuesday, October 29, 2019.

The matter came up for hearing on Wednesday before Justice Chukwujeku Aneke of the Federal High Court sitting in Lagos.

In September 2018, the nation’s attorney general told the South African GSM service provider to pay the $2 billion, but the company challenged it.

This came weeks after the Central Bank of Nigeria (CBN) had asked the leading telecom company in Nigeria to return $8.1 billion it allegedly repatriated to its home country with the help of four local banks, which were heavily fined by the CBN.

MTN, which took the matter to court, said the tax payment demand by the AGF was without merit, claiming that the attorney general exceeded his powers in making such request.

Last month, MTN Group listed shares of its local unit, MTN Nigeria Communications Plc, on the Nigerian Stock Exchange (NSE).

At its inaugural listing by introduction, the shares were offered at N90 per unit, but rose to N159.30k some days later.

Business Post reports that at the close of transactions today, shares of the company were traded at N128.50k per unit after going down by 50 kobo.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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