MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors.

The CBN said the remittances between 2007 and 2015, in tranches of of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were done in flagrant violation of the rule that says it can only be done with regular ‘Certificates of Capital Importation (CCIs)’ issued by the apex bank.

The CBN said MTN did the repatriation after illegally converting shareholders’ loan of $399, 594,146 to preference shares. As part of the sanctions, four banks, Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc,were fined by the CBN.

Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC, N1.88 billion, Citibank Nigeria, N1.26 billion and Diamond bank, N250 million.

Mr Funso Aina, Public Relations Manager, Corporate Affairs/Corporate Relations MTN denied the claims by the CBN

“MTN Nigeria received a letter on Aug 29 from Central Bank of Nigeria (CBN) alleging that Certificate of Capital Important (CCIs) issued in respect of the conversion of shareholders’ loans in MTN Nigeria to preference shares in 2007 had been improperly issued.

`As a consequence they claim that historic dividends repatriated by
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I know Nizoorian government never want the good of the people. They are seriously frustrating MTN to leave the country. But later the fools will be jumping from one place to the other looking for investors.

Ndi Ara

The Central Bank is actually doing a great job of enforcing the rules. If indeed MTN was guilty of the accusations, it would have very negative consequences if they are not sanctioned.

Donald95:
I know Nizoorian government never want the good of the people. They are seriously frustrating MTN to leave the country. But later the fools will be jumping from one place to the other looking for investors.

Ndi Ara