The Central bank of Nigeria (CBN) said there has been amicable resolution of issues relating to foreign exchange remittances by MTN Nigeria Communications Limited. With the resolution, a pending court case filed by the telecommunications company is to be dissolved. The CBN had, in August 2018, directed MTN Nigeria to reverse repatriations valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs) irregularly issued to MTN. The four banks were also penalised by the apex bank. The regulator debited the accounts of Standard Chartered Bank with N2.4 billion, Stanbic IBTC N1.88 billion, Citibank Nigeria N1.2 billion and Diamond Bank N250 million for being parties to the unlawful transfer.
However, the CBN, in a statement by its Director of Corporate Communications, Isaac Okorafor, said the keen interest shown by various stakeholders sequel to the regulatory action, prompted the CBN to engage further with MTN with a view to achieving an equitable resolution. “Consequent upon the above, MTN, led by its Nigerian shareholders, held intensive engagements with the CBN in the course of which it supplied additional material information, not previously offered to the bank, satisfactorily clarifying its remittances.
“Having now reviewed the additional documentation provided by
The CBN and MTNN have mutually agreed that the
Source: New Telegraph