₦airaland Forum

seunmsg:
It's so funny that MTN is trying to hide under the kangaroo clearance it got from the Senate after bribing Saraki and other corrupt elements in the senate. It is only those who are not so conversant with happenings in the banking sector that will believe this fraudulent denial by MTN.

Apart from the sanctions that CBN intend to impose on the banks and MTN, there is an urgent need to pass a law mandating companies like MTN, Dstv, Shoprite and Glo to get listed on the stock exchange. That is the only way to ensure good corporate governance practises to an extent by these organisations. Issues like this would have been noticed a long time ago if MTN had been publishing its financial statement and making other statutory disclosure annually.

But MTN prepares detailed financial statements and submits same to a Government agency, the FIRS, every year when filing its tax returns. It would even surprise you that Withholding tax on the alleged illegally repatriated dividend was even remitted to the FIRS.

new2012:
They paid because they don't have a choice.. And guess what, it's the citizen that will take the burden, it will be transferred immediately...

Before the fine, was mtn zapping ur data crazily? Let's be realistic, the government and her people are useless, they only punish the citizenry.

Even if u force mtn out of the country, who will loose? U 'indigenize' the company, it crashed gradually and in 5 years, it's dead, who loose? We go back to begging companies capable to come to the country?

I saw somewhere and I do not endorse the statement that " are you sure the owner of glo uses glo?" Never seen a glo subscriber not 'in pains' like Fayose. NTEL is sometimes offline for days.. Which one is local and performing optimally.

Whether Buhari welds that power as much as he like, what's changes is that in time to come, the hatred increases between both countries.. You know how many Nigerians get killed daily in SA? How many SA citizen are even in Nigeria? Do Nigerian government care abt her citizen killed in SA? Instead they increase the hatred with illegitimate and irresponsible fines and persecutions...

How many times was this funds repatriation investigated.. From Senate to court to NDIC and now a blind CBN

I pick a statement on the survival of MTN if they leave Nigeria. I totally disagreed with you. I agreed with you on the bad quality of service of Glo. Ntel is not into GSM service.

Before MTN came to Nigeria, how many countries have their presence? Since 2001, they have expanded to several countries. I bought my first SIM card at 30K. With very poor quality of service at inception, they charged 50 naira per minute and you hardly spent 15 second before the call is lost. Even if you spent 1 second and call drops, you still pay 50 naira until GLO came. The rapid expansion of MTN to other countries is because of the money coming from Nigeria.

Demola Eleso, Funmi Opeke (very brief) & others have worked as CTO. There is nothing so special about those South African working in MTN in SA or in Nigeria. I know Glo has bad quality of service which I think is purely management & not manpower problem

ThierryJay:
But MTN prepares detailed financial statements and submits same to a Government agency, the FIRS, every year when filing its tax returns. It would even surprise you that Withholding tax on the alleged illegally repatriated dividend was even remitted to the FIRS.

Firs guys are only interested in the tax element of the financial statement. It is not within their statutory duty to start raising issues about illegal repatriation or other corporate governance infraction.

I Hear .

https://whogoblog.com/wp-content/uploads/2018/08/nairaland.jpg

Emmafe:
These people just calling money anyhow, $8.1bn

Check my signature for phone deals

that's what socialism does to you. Makes everything look big that should be par for the course. Google blackstone you go fia

ThierryJay:
Why should the CBN demand that the $8.3bn be refunded to it? Is the CBN the owner of the money? Even if illegally repatriated, the best CBN can do is to ask them to bring the funds back into the Nigerian financial system as the money is MTN's profits.

That being said, CBN's action has the potential of severely damaging investor confidence in Nigeria. Investors would simply perceive that the Nigerian Government is not faithful to its promises to investors as they can reverse the benefits at any time. So why should they bother coming in at all? Investors are told that there is no limit to the amount of profits they can repatriate out of Nigeria to the extent that they have a Certificate of Capital Importation (CCI) for their initial investment. If MTN obtained a CCI before, which is usually generated by Commercial Banks, why is the CBN now saying that the CCI is not valid, when it was the Nigerian financial system that issued it? Why should MTN be penalized for that?

CBN should have a proper rethink and consider the wider ramifications of this move on FDI attraction as it appears to simply be a witch-hunting attempt.

At a time we supposed to come together and call the bluff of some corporations that are pauperising us we see people like you who have either been brainwashed or paid huge amount defending illegality of foreign investors.
Though we don't like this government, but some of her agencies are still doing superbly well. We shall support those doing well.

Adetaiwoo:
At a time we supposed to come together and call the bluff of some corporations that are pauperising us we see people like you who have either been brainwashed or paid huge amount defending illegality of foreign investors.
Though we don't like this government, but some of her agencies are still doing superbly well. We shall support those doing well.

Please comprehend matters well before u comment as everything should not be viewed from an Apc/Pdp angle. The issue is not about whether I like this Govt or not. In this context, doing superbly well is subjective.

My point is the illegality is only alleged. And unless there is damning evidence that the CBN has that MTN was complicit in the issuance of an invalid CCI, the negative publicity generated for MTN will be unjustified. If the banks were at fault without MTN's knowledge, then MTN should not be held liable.

Point is proper investigation should be carried out to establish the facts before sanctions are rolled out.

hmm

[quote author= post=70760217]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 MTN Nigeria between 2007 and 2015 amounting to $8.1 billion need to be refunded to the CBN.

“MTN Nigeria strongly refutes these allegations and claims.

“No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” he said.

Aina said that the issues surrounding the CCIs had already been the subject of a thorough enquiry by the Senate of Nigeria.

He added that in September 2016 the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria & Others.

He said that in its report issued in November 2017, the findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

“MTN Nigeria, as a law-abiding citizen of Nigeria, is committed to good governance and to abide by the extant laws of the Federal Republic of Nigeria.

“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy.

“We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.

CBN’s spokesperson, Isaac Okorafor, said the apex bank has written MTN Nigeria demanding a refund of the $8.13 billion, repatriated.

The Bank resolved to sanction the commercial banks following investigations in March 2018, which confirmed allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria.

http://www.metronaija.ng/mtn-nigeria-denies-cbn-claims-on-illegal-repatriation-of-8-1b-2/[/quote]This is one business that tell lies a lot First is, they did not prevent their staffs from joining unions, second is this. Blatant lairs!

davodyguy:
Diamond must definitely be there
Pascal Dozie owns Diamond Bank and was also the chairman of MTN Nigeria.

It's like Glo and Sterling Bank

Still

michlins:
the problem with some of you is that you deliberately belittle the power of the executive branch of the government but when you feel the wrath, you shout tyranny.

Mtn denied the 1.2trn yet they are paying it

PeJ pleaded with Efcc

Ipob and her leadership said Buhari can do nothing to the movement but we know the outcome. Hundreds dead and after calls to the UN nothing came out of it

Buhari is a military man with the will to wield the executive power and nothing you or anyone can do about it than to get your voters card ready and wait for him at the pools

Good night

And you think nothing will come out later, ICC will swallow Buhari, and you better not get involved although i know you must be Afonja the typical cowards.

tinubuUGLYwella:
And you think nothing will come out later, ICC will swallow Buhari, and you better not get involved although i know you must be Afonja the typical cowards.

nwokem you can't be more igbo than me. Carry your tribal hatred si ebea puo

MTN is scamming Nigeria....one year one fraud....they refused to list in The Nigerian Stock Exchange as agreed because of their fraudulent nature

ThierryJay:
Why should the CBN demand that the $8.3bn be refunded to it? Is the CBN the owner of the money? Even if illegally repatriated, the best CBN can do is to ask them to bring the funds back into the Nigerian financial system as the money is MTN's profits.

That being said, CBN's action has the potential of severely damaging investor confidence in Nigeria. Investors would simply perceive that the Nigerian Government is not faithful to its promises to investors as they can reverse the benefits at any time. So why should they bother coming in at all? Investors are told that there is no limit to the amount of profits they can repatriate out of Nigeria to the extent that they have a Certificate of Capital Importation (CCI) for their initial investment. If MTN obtained a CCI before, which is usually generated by Commercial Banks, why is the CBN now saying that the CCI is not valid, when it was the Nigerian financial system that issued it? Why should MTN be penalized for that?

CBN should have a proper rethink and consider the wider ramifications of this move on FDI attraction as it appears to simply be a witch-hunting attempt.

Exactly. CBN is making the wrong and it really will affect foreign direct investment.

new2012:
The industry lost billions between last night and today. The confidence of investors is eroded just because of some reta.rded fools either in CBN or the Senate.

How many times do you investigate an issue? Senate concluded, NDIC concluded, CBN started her own.

Wtf is wrong with this nation? If mtn messed up deal with them at once not frustrate them out of the country.


So many international companies quit because they couldn't cope with the harsh realities of the buffoonery in our policies, you need to bribe so many government officials, regulators to stay afloat.. You can't run honestly in the country. NCC fined them a billion dollars only recently. The biggest Nigerian bank don't make a billion dollars as profit in two years. other telcos were guilty but exempted, CBN is coming with useless not properly calculated nonsense ( with time, they'll either go back on their words or stick to their foolishness at the detriment of the country). We are becoming xenophobic- no wonder Nigeria cant boast of any valid company in other countries except scam and fraud.


At the end of the day we will smile and shout but loose. The country is a difficult place for companies to do business, so many have crashed, so many are crashing and going to other countries to thrive.

Airlines life span is 10 years in Nigeria, for the intiial capital would have been eroded in bribes, how many international carriers ply the route now? There are four major telcos in Nigeria, more than 4 foreign companies invested in them and quit. Etisalat still on our mind and its neither here nor there.

Usually, those persecution by regulators and government is because u refused to bribe folks or you bribe so little

The policies Nigerian government use on foreign companies is too uptight, how do they intend to attract FDI if they are so strict on the companies already in existence, same goes to the oil companies, they tax them so much yet we can't see what the money is being used for.

michlins:
the problem with some of you is that you deliberately belittle the power of the executive branch of the government but when you feel the wrath, you shout tyranny.

Mtn denied the 1.2trn yet they are paying it

PeJ pleaded with Efcc

Ipob and her leadership said Buhari can do nothing to the movement but we know the outcome. Hundreds dead and after calls to the UN nothing came out of it

Buhari is a military man with the will to wield the executive power and nothing you or anyone can do about it than to get your voters card ready and wait for him at the pools

Good night

No matter how military he is, truth still remain that we are operating a democratic system of government and it doesn't give space for rigidity, the masses must be heard and they must participate in part of the decision making. If not for the masses, SARS wouldn't have ended.

seunmsg:
It's so funny that MTN is trying to hide under the kangaroo clearance it got from the Senate after bribing Saraki and other corrupt elements in the senate. It is only those who are not so conversant with happenings in the banking sector that will believe this fraudulent denial by MTN.

Apart from the sanctions that CBN intend to impose on the banks and MTN, there is an urgent need to pass a law mandating companies like MTN, Dstv, Shoprite and Glo to get listed on the stock exchange. That is the only way to ensure good corporate governance practises to an extent by these organisations. Issues like this would have been noticed a long time ago if MTN had been publishing its financial statement and making other statutory disclosure annually.

Are you listening to what you are even saying? even the smallest company prepares a financial statement talk more of Mtn, how do they remit tax If they don't have a financial statement for each year?

Colourich:
No matter how military he is, truth still remain that we are operating a democratic system of government and it doesn't give space for rigidity, the masses must be heard and they must participate in part of the decision making. If not for the masses, SARS wouldn't have ended.

I don't know where SARS ended cause from my end they still operate with full impunity

michlins:
nwokem you can't be more igbo than me. Carry your tribal hatred si ebea puo

So what has your foolish Igboness got to do with the ICC swallowing a jihadist Buhari. Iwu otele!. Ibughi onye Igbo cha cha, or maybe ina acho ndi ofe mmanu jaa gi mma mana onweghi ihe ha ga emere gi o! use your brain asshole.

Colourich:
Are you listening to what you are even saying? even the smallest company prepares a financial statement talk more of Mtn, how do they remit tax If they don't have a financial statement for each year?

There is a difference between preparing financial statement and publishing the financial statement. Only companies quoted on the stock are under statutory obligation to publish their annual report.

Colourich:
The policies Nigerian government use on foreign companies is too uptight, how do they intend to attract FDI if they are so strict on the companies already in existence, same goes to the oil companies, they tax them so much yet we can't see what the money is being used for.

The oil companies have found a way around CBN's foolishness. They pay for each service, even for water.. To their foreign company

Payment for services...

ThierryJay:
Please comprehend matters well before u comment as everything should not be viewed from an Apc/Pdp angle. The issue is not about whether I like this Govt or not. In this context, doing superbly well is subjective.

My point is the illegality is only alleged. And unless there is damning evidence that the CBN has that MTN was complicit in the issuance of an invalid CCI, the negative publicity generated for MTN will be unjustified. If the banks were at fault without MTN's knowledge, then MTN should not be held liable.

Point is proper investigation should be carried out to establish the facts before sanctions are rolled out.

Well I think comprehension in this case is not the point. The point is the manner at which you are defending a corporation who has history of flouting govt's order.