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MTN Nigeria has negotiated with the Central Bank of Nigeria (CBN) to pay $ 52.6 million to end the dispute over the payment of dividends to shareholders.
The company had already been fined $ 8.1 billion to the CBN for alleged excessive dividend refunds between 2007 and 2015.
The CBN has now concluded that MTN Nigeria is no longer required to reverse the payment of historical dividends to shareholders.
However, he contends that the proceeds of MTN Nigeria's preferred shares of cash transfers from private placements in 2008 were irregular.
The CBN then ordered MTN Nigeria to repay $ 52.6 million as a notional recovery amount for these shares, on the grounds that certain capital import certificates used in the private placement did not qualify for the $ 52.6 million. were not properly issued.
MTN Nigeria stated that it would pay the amount of the notional recovery without admission of liability.
The company added that its court proceedings for an injunction preventing AGF from taking further action with respect to its late taxation orders continues.
"MTN Nigeria continues to argue that its tax issues are up to date and that no additional payments, as claimed by AGF, are owed, and therefore, no provision or contingent liability is accrued in the accounts. of MTN Nigeria for the claim of the AGF property tax, "the company said.
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