Governor Godwin Emefiele of Nigeria’s Central Bank has said a final decision has been reached on the $8.1 billion fine against MTN Nigeria. Emefiele justified the CBN action on the fine levelled against MTN and four other banks, he maintained that that there was a rationale for the regulatory action.
The CBN had described MTN repatriation of $8.1bn profits to South Africa as illegal and a flagrant violation of Nigerian laws.
Last month, TGA reported that MTN Nigeria was in talks with officials of the Central Bank of Nigeria (CBN) to find a “mutually acceptable solution” over their dispute.
The CBN governor was quoted to have said “There is rationale for the decision we took. We expected certain documents to be submitted; those documents have now been submitted. We are in process of saying the matter has been resolved.”
“We have held meetings with the MTN Group and we are at the verge, by this I mean, we are almost announcing the conclusion of the matter. I’m very optimistic we have reached the end of the road on this matter…There are some issues with MTN but they are being resolved equitably, amicably and to the benefit of all.”
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The fine levied on Mtn is not just enough another measure need to be implemented