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

By Camillus Eboh on 26/09/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 488

•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

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Court orders National Assembly to begin Buhari’s impeachment...

Shi’ites protest in Kaduna, renew call for Zakzaky’s...

Is a big change underway in global capitalism?...

Jonathan is a good brand to market —Chief...

Stop playing politics with the life of Nigerians,...

Leadership, Igbos’ greatest problem —Ohanaeze President •Urges Igbos...

My encounter with Boko Haram leaders —Dokubo •How...

EFCC: Ekweremadu was neither interrogated nor presented with...

Army to investigate cases of human rights abuses......

Abia begins massive recruitment of Bakassi Boys •Condemns...

APC receives 5,000 decampees from PDP, others in...

Aspirants threatening my life, says Bayelsa Speaker

 

Latest News Kidnappers of Buhari’s prayer warrior demand N300m ransom Ojukwu family disowns late Debe Ojukwu, declares him an impostor Zamfara bandits stockpiling arms — Gov. raises alarm MASSOB chieftain, 5 others docked in Anambra Saraki plans to hijack 9th Senate by enthroning its leadership — APC Implement new Minimum wage before May, Labour to FG NAPTIP DG raises alarm over new human trafficking tricks Why Atiku is challenging Buhari’s victory at election tribunal — Obi Okowa’s re-election as Delta Governor free and fair — IPAC •Promises to reconcile aggrieved parties Osun Govt shuts three tertiary institutions over violent protest Guber polls: Why we’ve not paid ad-hoc staff — INEC Senator calls for 2019 budget increase by N10 trillion

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (460,353 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (410,104 views) Shameless Genevieve Nnaji exposes breasts in public (345,989 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (296,903 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (261,295 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (236,313 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (222,367 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (204,100 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (192,392 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (176,783 views) 10 cars more expensive than Jets (176,655 views) Lagos plane crash: Journalist releases victims’ names (175,615 views)

 

NLNG call for entries

CBN banner

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (81) Business & Economy (4,091) Business Verdict (59) Columnists (1,005) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (596) Features (724) Global Business Monitor (327) ICT Monitor (23) International (3,197) Interview (174) Live Commentary (28) Love Matters (153) Maggie's Blog (189) News (44,029) Opinion (1,204) Pidgin (17) Politics (10,266) Religion (960) Sports (1,924) 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