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A Federal High Court in Lagos on Tuesday barred Nigeria’s largest telecommunications company, MTN Nigeria Communications Limited, from moving abroad funds it has in Nigerian banks.
The court made the pronouncement while hearing a suit in connection with the N1.4 trillion fine imposed on the company by the Nigerian Communications Commission (NCC).
The Federal Government brought a motion to restrain the 21 commercial banks, in which MTN has funds, from releasing money to the telecommunications giant.
“The FG seeks an order of Mareva injunction [a court order which requests assets be frozen] restraining the aforementioned banks from releasing, making a sale, transferring, or paying any of the monies maintained by the plaintiff MTN,” the motion read in part.
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