Cbn orders mtn to refund 8 13bn illegally repatriated

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The Central Bank of Nigeria (CBN) has ordered MTN Nigeria to refund the sum of N8.13 billion, which was allegedly illegally repatriated by the telecommunications company.

According to reports, the CBN discovered that MTN Nigeria had illegally repatriated the funds between 2007 and 2015, in violation of the country's foreign exchange regulations. The CBN has now ordered the company to refund the amount, which is equivalent to approximately $22 million.

This development is part of the ongoing efforts by the Nigerian government to crack down on illegal foreign exchange transactions and ensure that companies comply with the country's financial regulations.

It's worth noting that MTN Nigeria has been involved in several controversies in the past, including a dispute over the repatriation of dividends and a fine imposed by the Nigerian Communications Commission (NCC) for allegedly violating the country's SIM card registration regulations.

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