The MTN counsel Wole Olanipekun a (SAN), says his client has made the decision to pursue an out-of-court settlement with the Central Bank of Nigeria (CBN).
The telecommunications company had filed a suit to challenge a directive by the Central Bank of Nigeria directing it to return the $8.1 billion, based on the apex bank, was unlawfully repatriated.
Saliu Saidu, the justice presiding over the matter, adjourned till December 12 for a report on the settlement.
NAN reports that MTN had filed the suit, seeking an injunction to restrain the CBN and AGF from taking further actions to reclaim the alleged financial obligations.
The firm wants the court to hold that the CBN lacks the power to determine its civil obligations or penal liabilities. It is urging 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 wants the court to hold that the demand was illegal, oppressive, abusive, unauthorised and unconstitutional.
CBN has alleged that the telecoms firm incorrectly repatriated dividends, and requested that MTN should return $8.1 billion to the coffers.