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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:

  • Military Eliminate Bandit in Plateau, Rescue Abducted Victim
  • Troops Ambush Bandits in Plateau, Neutralise One, Rescue Kidnap Victim
  • New MPB Chairman AVM Abubakar Adamu Pledges to Prioritise Retirees’ Welfare

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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Military Eliminate Bandit in Plateau, Rescue Abducted VictimTroops Ambush Bandits in Plateau, Neutralise One, Rescue Kidnap VictimNew MPB Chairman AVM Abubakar Adamu Pledges to Prioritise Retirees’ WelfareDHQ, NIS Team Up to Revive Nigerian SportsA Different Kind of War on Drugs By As-Sayyidul Arafat AbdulrazaqMNJTF Receives 5 Swamp Buggies to Boost Security, Economic Recovery in Lake Chad RegionNAHCON Completes 2025 Hajj Return Operations LAKE CHAD: Major Victory as 210 Boko Haram Terrorists, Families Surrender to MNJTFIn Plateau, Security Forces Dislodge Militias, Reclaim Villages in BokkosGallant Troops Nab 25 Suspected Bandits, Kidnappers in BenueIran Must Never Possess Nuclear Weapons - G7 DeclarePolice to Destroy Unexploded Explosive Devices in YobeMilitary Receives 84 CNG-powered Vehicles to Enhance OperationsFCT Police Urges Influencers to Spotlight Heroism, Not Just Negativity on SecurityFor Aminu Dantata to Sleep Well… By Abdullahi O Haruna Haruspice
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