A former MTN employee, Mr. Paul Odunewu, is pushing the Court of Appeal to compel the telecommunications giant to deposit a $13 million judgment debt and accrued interest. The dispute stems from Mr. Odunewu’s wrongful termination in 2006, which the National Industrial Court (NICN) ruled in his favor in 2017.
- Mr. Odunewu claims MTN’s appeal is a “delay tactic” and seeks immediate payment of the judgment sum.
- MTN argues it has financial capacity and denies claims of asset depletion or repatriation.
- Both sides have presented financial records and legal arguments to support their positions.
- In 2006, MTN terminated Mr. Odunewu’s employment.
- In 2017, the NICN ruled the termination was wrongful and awarded him $13 million in compensation, including share options.
- MTN appealed the ruling and filed a motion to stay execution of the judgment.
- Mr. Odunewu counters that MTN’s appeal is flawed and seeks immediate payment of the judgment sum.
MTN claims it has the financial means to pay the judgment and denies Mr. Odunewu’s allegations of asset depletion or repatriation. They argue:
- The 2015 NCC fine has been fully paid.
- MTN Nigeria is profitable and declares dividends.
- The 2021 audited financial statements show strong revenue and profit.
Mr. Odunewu remains skeptical of MTN’s financial stability and argues:
- MTN Nigeria faces ongoing investigations for tax and revenue issues.
- The company’s recent financial statements may not reflect potential future liabilities.
- MTN’s debt burden raises concerns about its ability to pay the judgment.
Court to Decide:
The Court of Appeal will determine whether to order MTN to deposit the judgment sum or provide a bank guarantee. The decision could have significant implications for both parties and potentially set a precedent for similar cases.
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