Fidelity bank card banner Camano banner
Emefiele hints at peaceful resolution of $8.1bn MTN transfer dispute

By Camillus Eboh on 26/09/2018

Views: 559

•CBN Governor Emefiele
•CBN Governor Emefiele

Nigeria’s Central Bank Governor Godwin Emefiele said on Tuesday he was optimistic the bank would resolve a dispute linked to allegations that South African telecom firm MTN moved funds out of the country illegally.

The regulator last month ordered MTN and its banks to bring $8.134 billion back into Nigeria which the central bank alleged the company had sent abroad in breach of foreign exchange regulations.

MTN’s latest troubles come about two years after it agreed to pay more than $1 billion to settle a dispute over SIM cards in Nigeria, whose finances have been hit by a weak economy and volatile global oil prices.

Emefiele said the crux of the latest alleged infraction, related to the repatriation of funds, was that MTN did not obtain final approval before moving the naira equivalent of $8.1 billion from its profits out of Nigeria.

MTN and its banks have written to the central bank and provided documents on the matter, Emefiele said.

“I am very optimistic we will resolve the matter and I believe that everybody will be happy. MTN will be happy, the banks will be happy. CBN and government would be happy,” Emefiele told reporters in Abuja.

Nigeria, which accounts for a third of MTN’s annual core profit, is MTN’s biggest market and Emefiele said MTN was “systemically important” to his country.

Emefiele said an investigation into the matter started two years ago. He said inadequate responses from the telecoms group compelled it to publish its finding.

The central bank announcement on Aug. 29 sent MTN shares in Johannesburg down by nearly a third but they have recovered after the Nigerian regulator softened its stance on the matter. The shares initially fell on Tuesday but rallied from the previous session to gain 3.24 percent by 1445 GMT.

MTN’s lenders; Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank were also fined in connection to the money transfer.

Earlier on Tuesday, Standard Bank, said Nigeria’s central bank would not be debiting its local unit Stanbic for $2.6 billion, which the regulator said was the bank’s portion of the MTN funds which had been sent abroad.

Emefiele said any liability arising from the funds transfer was that of MTN and not its banks. (Reuters)

Source News Express

Posted 26/09/2018 10:57:58 AM

 

 

CLASSIFIED ADS

 

You may also like...
Umahi orders disarming of herdsmen in Ebonyi, relocation...

Lagos residents seek strict enforcement of Kidnapping Law...

Ambode swears in five new Permanent Secretaries

JAMB admits 2,674,485 students in 6 years

Blackface scandal hits second US politician

Fayose’s behaviour linked to use of hard drugs,...

Bauchi sacks SUBEB Management over delay in payment...

Boko Haram fighters devise new means of identification...

2016 Budget: Saraki assures of diligent oversight to...

Inconclusive Polls: Don’t set Kano, Sokoto, Benue, Bauchi,...

Fulani herdsmen strike again in Enugu, journalist’s wife...

Shoprite extends tentacles to 15 countries, emerges South...

 

Latest News Buratai and the fighting troops How Fulani vigilante will work in South East — Miyetti Allah Chairman Police shortlist candidates for recruitment Boko Haram kills 29 in fresh Borno onslaught Troops eliminate dozens of terrorists, recover weapons Imo: Okorocha, wife carted away 67 vehicles, ADC 5, Task Force alleges JAMB withdraws UTME results of 4 candidates Akpabio parading fake results, INEC tells Akwa Ibom tribunal Niger Delta leaders urge adequate funding of Amnesty Programme, hail Dokubo No going back on August 1 clampdown on number plates violation — FRSC World Bank giving $4bn grants to states ― NGF boss 24 bandits killed in Kaduna, Kano, Niger states

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (499,023 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (427,509 views) Shameless Genevieve Nnaji exposes breasts in public (367,898 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (313,604 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (278,398 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (245,100 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (235,678 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (217,714 views) 10 cars more expensive than Jets (215,623 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (205,910 views) Lagos plane crash: Journalist releases victims’ names (185,798 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (184,864 views)

 

NNPC 2019 National Science Quiz Competition

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,328) Business Verdict (75) Columnists (1,057) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (627) Features (767) Global Business Monitor (384) ICT Monitor (53) International (3,628) Interview (185) Live Commentary (30) Love Matters (162) Maggie's Blog (314) News (47,847) Opinion (1,268) Pidgin (17) Politics (11,073) Religion (1,033) Sports (2,053) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera