Central Bank of Nigeria, CBN said that an agreement reached with MTN over allegations that the South African company illegally repatriated $8.1 billion would end legal proceedings and means the matter has been resolved, it said in a statement.

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

Earlier, MTN said the matter was resolved and it agreed to make a $53 million payment. CBN did not refer to a figure but said the sides decided the agreement would lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.”

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The CBN  had ordered MTN and its lenders to bring back a total of $8.1 billion it alleged the company had illegally repatriated using improperly issued paperwork between 2007 and 2008.

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“The CBN upon review of the additional documentation concluded that MTN Nigeria is no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders,” MTN said in a statement.

However, the central bank has found that a 2008 private placement remittance worth around $1 billion was based on certificates that did not have final approval.