The trouble seems to be far from over as Nigerian leading telecommunication company, MTN, has taken the Central Bank of Nigeria (CBN) and the office of the Attorney General of the Federation (AGF) to court over its alleged dividend repatriation and unpaid taxes accusations.
Not only did the CBN place a fine on the telco, it also fined four banks allegedly involved in the transfer. They include Standard Chartered Bank (₦2.4 billion), Stanbic IBTC (₦1.8), Citibank (₦1.2 billion), and Diamond Bank Plc (₦250 million).
Despite being the market leader, MTN has always lagged in terms of consumer centric innovations being forced by @GloWorld to adopt the per second billing from the per minute billing. Also, compared to its contemporaries, MTN has a weaker customer care support service.
The perpetual non compliance of the firm has placed it in the face of law several times. MTN has incurred N330 bn fines from defaulting NCC’s directive, $8.1 bn refund from CBN over foreign exchange infractions and a $2 bn tax bill from AGF.#swotsunday
The telco, resolute that it has not committed any offence, has reportedly “applied today in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while they (we) continue to engage with the relevant authorities on these matters.”
The latest crisis facing the telecommunication company may appear a tough one but it is not giving up without a fight!
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