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Home Economy CBN, MTN Resolve Foreign Exchange Remittances Issue
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CBN, MTN Resolve Foreign Exchange Remittances Issue

By
Isaac Okorafor
-
December 24, 2018
CBN
CBN

CBN, MTN Resolve Foreign Exchange Remittances Issue

The Central Bank of Nigeria (CBN) in August 2018 directed MTN Communications Limited (MTNN) to reverse repatriations valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs) irregularly issued to MTNN.

Following the keen interest shown by various stakeholders sequel to the regulatory action, the CBN committed to engage further with MTNN with a view to achieving an equitable resolution.

Read Also:

  • Kano Governor Receives Report on Commissioner’s Role in Bail Controversy
  • Police Arraign Notorious Lagos Assassin, Wasiu Akinwande on 11-Count Murder Charge
  • IGP Egbetokun Honours Police Officers of the Year, Holds Talks on Improved Retirement Benefits

Consequent upon the above, MTNN, led by its Nigerian shareholders, held intensive engagements with the CBN in the course of which it supplied additional material information, not previously offered to the Bank, satisfactorily clarifying its remittances. Having now reviewed the additional documentation provided by the company, the CBN has concluded that MTNN is no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders.

However, the CBN identified that the proceeds from the preference shares in MTNN’s private placement remittances of 2008 were irregular having been based on CCIs that were issued without the final approval of CBN.

The CBN and MTNN have mutually agreed that the aforementioned transaction be reversed notionally to bring it into full compliance with foreign exchange laws and regulations.

The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.

The CBN assures foreign investors that the integrity of the CCIs issued by authorized dealers remain sacrosanct. Potential investors are encouraged to take advantage of the enormous investment opportunities that abound within Nigeria.

Isaac Okorafor
Director, Corporate Communications

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Kano Governor Receives Report on Commissioner’s Role in Bail ControversyPolice Arraign Notorious Lagos Assassin, Wasiu Akinwande on 11-Count Murder ChargeIGP Egbetokun Honours Police Officers of the Year, Holds Talks on Improved Retirement BenefitsPantami Urges Presidential Rewards for Nigerian Teen, Nafisa Aminu Who Topped Global English CompetitionNIPR Lauds Customs’ Reputation Reforms, Announces Annual PR Officer AwardCustoms Unveils Reputation Handbook to Guide Officers’ Conduct, Rebrand AgencyAtiku, Obi and the ‘Confused Marriage’ Called ADCNigerian Army Launches New Welfare Initiatives for Retiring SoldiersCorrectional Service Elevates 30 Officers to Assistant Controller General RankAfter 21 Years, Gen. TY Danjuma Relaunches Union Dicon Salt to Revive Local IndustryKano Govt Receives Report on Commissioner's Alleged Role in Drug Baron's BailRivers Police Arrest Suspects in Lawyer's Murder, Recover WeaponsPolice Eliminate 8 Terrorists in Zamfara as Bandits Abduct 5 Residents, Rustle CattleTroops Intercept Illicit Logistics Bound for Cameroon, Uncovers, Destroys 14 IEDs in BornoWe are Here to Fix The Voice of Nigeria as A True Instrument of National Power – DG VON
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