CBN and MTN Reach Truce on Alleged $8.13 Billion Illegal Repatriation (Full Statement)

CBN and MTN Reach Truce on Alleged $8.13 Billion Illegal Repatriation (Full Statement)

The Central Bank of Nigeria has reached a truce with MTN on the alleged illegal repatriation of funds from Nigeria.

But MTN is a clear winner here. CBN looks like a baby lost in a mall writing that MTN “supplied additional material, not previously offered to the Bank, satisfactorily clarifying its remittances.” Come on – a big shame they did not do this privately.

I hope MTN does not sue CBN for triggering unnecessary confusion which severely affected its market value. We keep saying: Automate everything in Nigeria so that everything would be transparently visible to all. This will prevent new documents emerging from behind!

The Central Bank of Nigeria (CBN) on Wednesday wielded the big stick on mobile telecom firm, MTN Nigeria Communications Limited, and four commercial banks for alleged financial infractions.

The CBN’s spokesperson, Isaac Okorafor, in a statement sent to PREMIUM TIMES on Wednesday said the apex bank wrote to MTN Nigeria demanding a refund of about $8.13 billion (about N2.5trillion at N306.15 to $) allegedly repatriated illegally out of Nigeria.

Mr Okorafor said the affected banks, including Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank, would refund various amounts totaling N5.87 billion.

Standard Chartered was asked to refund N2.5 billion; Stanbic IBTC (N1.9 billion); Citibank (N1.3 billion and Diamond Bank (N250 million).

The letter below…

 

 

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