The Central Bank of Nigeria (CBN) yesterday acknowledged that MTN has paid $53 million (N19.5 billion) to settle the dispute over alleged irregularities of repatriated funds.

CBN Governor, Godwin Emefiele, disclosed this during the apex bank’s monetary policy committee (MPC) meeting in Abuja, asserting that the matter had been withdrawn from court.

It would be recalled that the telecoms operator giant put forward a demurrer to the Apex bank, following allegations of illegal profit repatriation. Emefiele emphasized that the money paid by MTN was a “notional sum” and that the company has been absolved from any wrongdoing. He further explained that after several meetings with MTN officials last November, by December they “concluded those engagements and the matters were resolved.”

“It resulted in a notional reversal. Let me make it clear that it is not a fine or a penalty. It was a notional reversal of 53 million dollars amounting to about N19.5 billion,” said Emefiele. He also added that the said amount has since been paid by the MTN and terms of “settlement of this matter has already been lodged at the Nigerian court.”

The recent hurdles faced by MTN affected its share price driving it to its lowest level since 2006. Apparently, the bank recognised the telco firm’s large market as a key revenue driver over the years, thus resolved to settle the case amicably.

According to The Guardian, the Chief Officer of Investdata Consulting Limited Ambrose Omosion, lauded CBN for the peaceful resolution. “CBN has come to realise the importance of foreign investors….. If they fail to handle the issue of MTN well, it would discourage other multinationals,” said Omosion.

“It is a good omen for Nigeria and this has showed MTN that Nigerian government is not attacking them, rather, they want to ensure that they do the needful. It will encourage other foreign investors,” he added.