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Court bars MTN from moving funds out of the country

A Federal High Court in Lagos on Tuesday barred Nigeria’s largest telecommunications company, MTN Nigeria Communications Limited, from moving abroad funds it has in Nigerian banks.
The court made the pronouncement while hearing a suit in connection with the N1.4 trillion fine imposed on the company by the  Nigerian Communications Commission (NCC).
The Federal Government brought a motion to restrain the 21 commercial banks, in which MTN has funds, from releasing money to the telecommunications giant.
“The FG seeks an order of Mareva injunction [a court order which requests assets be frozen] restraining the aforementioned banks from releasing, making a sale, transferring, or paying any of the monies maintained by the plaintiff MTN,” the motion read in part.
Justice Mohammed Idris ordered parties to maintain status quo.
“An order is hereby made directing the parties cited herein to maintain the status quo ante bellum pending further hearing,” the judge said.
MTN is asking the court to quash the sanction imposed by the NCC.
Source: Sahara Reporters
Court bars MTN from moving funds out of the country Reviewed by Jisieike Samuel on January 12, 2016 Rating: 5

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