Court in Lagos has denied the Federal
Government powers to seize all funds owned by
MTN Nigeria Communications Limited in Nigerian
banks, pending when the telecommunication
company pays up the N1.4 trillion fine leveled
against it by the NCC over its failure to deactivate
unregistered sim cards.
The Attorney General and Minister of Justice,
Abubakar Malami (SAN), through his counsel,
Dipo Okpeseyi (SAN), had in a motion filed before
the court, expressed fears of MTN moving all its
funds in Nigeria, since it was in their habit to do
so.
According to the court paper, MTN had between
October 2007 and May 2009 moved over $7.7bn
of the money made in Nigeria to a foreign
account. The telecommunications company had
also on February 8, 2008, moved over $936m
out of Nigerian banks to their foreign accounts.
"Unless this honourable court urgently
entertains this application, the plaintiff/
respondent would move its funds out of
Nigeria, being the jurisdiction of this
honourable court, and thereby frustrate
the enforcement of the fine in the likely
event that this honourable court sanctions
the imposition of the fine," counsel to the
AGF said.
However in his ruling, the presiding judge,
Justice denied the Federal governments
application, stating that it had not provided any
evidence showing that MTN was indeed moving
its funds out of Nigerian banks.
He said hearing
on the case filed against the Federal government
challenging the N1.4 trillion fine is more
important and of public interest and will need to
be heard soon so judgement can be delivered.
He adjourned the case to January 22nd.
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