CBN, affected banks to meet over $8bn MTN fund transfer dispute

Posted by News Express | 9 November 2018 | 965 times

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• CBN Governor Emefiele

Nigeria’s central bank plans to meet four lenders of telecoms company MTN to discuss a dispute over a $8.1 billion fund transfer, after a court adjourned the case, a banking source said.

The central bank emailed invitations on Thursday to the Nigeria heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend a meeting on Friday, the source said.

Nigeria’s central bank has accused South Africa-based MTN of violating currency regulations by sending $8.1 billion abroad, and in August ordered the company and its banks to repatriate the funds. MTN and the banks involved have denied any wrongdoing and the banks want the central bank to refund them money charged to their accounts in the form of fines.

The central bank and the banks declined to comment on a potential meeting on Friday. A spokeswoman for MTN said she did not know of a meeting.

The source said the meeting would start at 1600 (1500 GMT) on Friday and focus on MTN’s fund transfer.

Last week, a Lagos court adjourned a hearing on the $8.1 billion dispute between MTN and the central bank until Dec. 4.

Central bank Governor Godwin Emefiele has said he was optimistic the MTN issue could be resolved.  (Reuters)


Source: News Express

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