Adjournment of court case is 'positive' sign for MTN
Nigerian judge adjourns hearing over dispute between MTN and central bank until January
The adjournment of a court hearing between MTN and Nigeria’s central bank is a “positive” signal for the mobile operator, analysts say. On Wednesday, a Nigerian judge adjourned a hearing over a dispute between MTN and the central bank until January 22, at the request of the parties. The dispute relates to the “illegal” transfer of $8.1bn, though MTN has denied any wrongdoing.
The adjournment “is positive news for the mobile network, as it appears that the two parties are approaching an out-of-court settlement”, said Paul Chakaduka, a senior trader at GT247. If that happens, “we anticipate that the fine would be adjusted lower”, Chakaduka said. “The ceiling in terms of the fine has been defined. What this creates is an opportunity for the two parties to find middle ground and negotiate a deal that will save them from going through a protracted legal battle,” he said. Rob Pietropaolo, a private client trader at Unum Capital, said that since Nigeria was MTN’s biggest market, cont...
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