* Company’s stock up 6% on Johannesburg exchange
The Attorney General of the Federation, Mr. Abubakar Malami SAN,
has withdrawn the demand for the unpaid duties and taxes by Telecom
giant, MTN Nigeria, the company has disclosed.
A statement signed by the Company Secretary, Uta Ukpanah,
Friday, said Malami informed the company’s legal counsel in a
letter dated January 8, 2020 of his decision to withdraw the demand
for the payment.
The statement said the AGF in the letter announced his decision
to refer the matter to the Federal Inland Revenue Service (FIRS)
and the Nigeria Customs Service (NCS). By implication, the matter
will now be handled by the two revenue generating federal
agencies.
Consequently , the MTN said it would follow due court process to
withdraw its legal action against the AGF and engage with the FIRS
and NCS on the issues.
Meanwhile, market reacted to the news of the withdrawal Friday
as MTN stock was up six percent on the Johannesburg Stock Exchange
and still rising because market has not closed at the time of
filing this report. The company’s stock spiked 455 rand (over
$30).
MTN statement titled ‘Withdrawal of Demand by the Attorney
General of the Federation and Minister of Justice (The AGF) for
N242,244,452,212.97 and USD$1,283,610357.86 Alleged Revenue
Indebtedness from MTN Nigeria Communications PLC (MTN Nigeria)’ ,
read:
“MTN Nigeria is pleased to report that its legal counsel has
received a letter dated 8th January 2020 from the Attorney General
of the Federation and Minister of Justice formally withdrawing its
demand for N242,244,452,212.97 and USD$1,283,610357.86 alleged
revenue indebtedness.
“The letter confirmed that following careful review and due
consultation with relevant statutory agencies, the AGF has decided
to refer the mater to Federal Inland Revenue Services (FIRS) and
Nigeria Customs Service (NCS) with a view to resolving contentious
issues.
“MTN Nigeria will consequently follow due court process to
withdrawal its legal action against the AGF and engage with the
FIRS and NC on the issues. MTN Nigeria remains committed to
conducting its business in accordance with applicable laws in
Nigeria.”
Reacting to the development, MTN Nigeri CEO, Ferdi Moolman said,
“We are very pleased with the decision of the AGF and we commend
him for his wisdom. We maintain our dedication building and
maintaining cordial relationships with all regulatory authorities
in Nigeria and remain fully committed to meeting our fiscal
responsibilities and contributing to the social and economic
development of Nigeira”.
Practical Considerations to Negotiate an Enforceable
Joint Operating Agreement in Civil Law Jurisdictions (Netherlands:
Kluwer Law International, 2020) By Professor
Damilola S. Olawuyi, LL. B (1st Class), BL
(1st Class), LL.M (Calgary), LL.M (Harvard), DPhil
(Oxford), Professor of Law and Deputy Vice-Chancellor, Afe Babalola
University, Ado Ekiti, Nigeria, www.damilolaolawuyi.com.[1] & Professor
Eduardo G. Pereira, LL. B (Brazil), LL.M (Aberdeen),
PhD (Aberdeen),www.eduardogpereira.com[2]
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References
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@Nigerialawyers
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