Home Banking Nigeria’s central bank likely to slash MTN’s $8.1b illegal repatriation sum

Nigeria’s central bank likely to slash MTN’s $8.1b illegal repatriation sum



A Reuters news report has said that the Nigeria’s central bank may reduce the $8.1 billion it ordered MTN Nigeria to refund in the illegal repatriation dispute.

The news agency said Godwin Emefiele, the Central Bank of Nigeria Governor, said this while addressing reporters during a visit to London.

Emefiele said the documents submitted by the telecommunication firm and banks will help to make a decision in reducing the size and amount of money in the claims.

He said the documents were received about two weeks ago.

I don’t think it will be staying at $8.1bn,” adding that he expected the issue to be dealt with amicably and equitably in a couple of weeks.

“I want to believe that the figure will reduce. Whether it will be dropped completely, I honestly cannot say at this time,” Reuters quoted him as saying.

The South African telecoms firm, MTN and four banks – Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank – are parties to the forex repatriation dispute.

MTN had filed a court case against the Nigerian authority and refused to comment on latest developments.

CBN counters MTN in court

Last week, court papers revealed a counter-claim by the Central Bank of Nigeria in an injunction filed by MTN over the refund of the $8.1 billion demand.

The apex bank also urged the Federal High Court sitting in Lagos to ensure MTN pay an annualised 15% interest until courts rule on the conflict.

In August 2018, CBN ordered Africa’s telecoms giant, MTN and four other banks to “refund a total of $8.134billion moved out of the country” for breaching the country’s forex regulations.

It also slammed a huge N5.8 billion fine on the banks for allegedly aiding MTN in the illegal capital repatriation.



Please enter your comment!
Please enter your name here