A Nigerian High Court sitting in Lagos on Thursday entered as judgment the settlement terms in the suit filed by MTN Nigeria Communications Limited against the Nigerian Government.

MTN had challenged the payment of $8,134 billion demanded by the Central Bank of Nigeria (CBN) over alleged forex remittance infractions.

In the suit, MTN asked the court to restrain the CBN and Nigeria’s Attorney-General and Minister of Justice from imposing punitive sanctions on it.

On its part, the CBN had accused MTN Nigeria of improper dividend repatriations and demanded that $8.1 billion be returned “to the coffers of the CBN”.

The report by Channels Television on Thursday stated that when the case came up in court, MTN’s lead counsel, Wole Olanipekun, informed Justice Saliu Saidu that the parties had resolved the dispute amicably.

He said the terms of the settlement were filed in on December 28, 2018.

In his address, the CBN’s counsel, Mr. Henry Ejiofor, also confirmed to the judge that both parties had settled out of court and urged the court to enter the terms of settlement as judgment.

In his ruling, Justice Saidu thanked the parties for not wasting precious judicial time by going through the rigours of a trial.