$8.1bn Fine: MTN in Talks with CBN, FG Officials

MTN Nigeria is currently in talks with officials of the Central Bank of Nigeria (CBN) to find a “mutually acceptable solution” over their dispute.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” MTN said in a statement.

MTN and the Central Bank of Nigeria (CBN) are in a dispute over the transfer of 8.1 billion dollars which the bank said the company had sent abroad and breaches foreign-exchange regulations.

Recall that the CBN governor, Godwin Emefiele while addressing newsmen on October 7th in London said that the CBN may reduce the amount it had ordered MTN Nigeria to repatriate.

Emefiele said that new documents provided by the telecom company would help to reduce the size of the claim.

“I don’t think it will be staying at 8.1bn dollars…I want to believe that the figure will reduce. Whether it will be dropped completely, I honestly cannot say at this time,” he added.

Meanwhile, Zainab Ahmed, minister of finance has said the sanctions on MTN damaged Nigeria’s reputation among foreign investors.

She maintained that “there will be no company next after MTN, nobody is next because we can’t afford for this kind of incidence to keep happening.”

The Central Bank of Nigeria had sanction MTN and four commercial banks in the country, asking the telecommunications giant to refund $8.1billion for allegedly issuing irregular certificates of capital importation (CCIs). The banks involved in the dispute are Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank.