Cbn may cut mtns 8 1bn repatriation demand emefiele

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CBN may cut MTN's $8.1bn repatriation demand - Emefiele

The Central Bank of Nigeria (CBN) may reduce the $8.1 billion demand it made from MTN Nigeria, the country's largest telecommunications company, to repatriate funds allegedly transferred abroad in breach of foreign exchange regulations.

According to a report, the CBN Governor, Godwin Emefiele, made this statement during a meeting with MTN Nigeria's management. Emefiele reportedly said that the bank is willing to negotiate the amount with MTN, citing the company's significant contributions to the Nigerian economy.

In 2020, the CBN accused MTN of illegally repatriating $8.1 billion between 2007 and 2015, and demanded that the company return the funds. MTN has since disputed the allegations, arguing that the transactions were legitimate and in compliance with Nigerian laws and regulations.

The dispute has been ongoing for several years, with MTN facing potential fines and penalties if it fails to comply with the CBN's demands. The reduction in the demand amount could be a sign of a potential settlement or compromise between the two parties.

It's worth noting that the exact details of the negotiations and any potential agreement between the CBN and MTN are not publicly disclosed, so this information is subject to change or further clarification.