• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • CBN

      The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri…

      Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

      AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy…

      Google Search Tech Digest

      7 Smart Google Search Tips That Will Save You Hours By…

      U.S. VISA

      REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months…

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs Takes Anti-Money Laundering Fight to the Skies

  • National
    • Senator Ireti Kingibe Defects from Labour Party, Joins ADC

      FG Secures 44 New Convictions in Terrorism Financing Trial

      Board Approves Promotion of 95 Senior Officers in Immigration, Civil Defence,…

      Officers of NSCDC Mining Marshals

      Alake’s Verdict on Mining Marshals By Abdullahi O Haruna Haruspice

      CBN

      The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri…

    • Government
      • Senator Ireti Kingibe Defects from Labour Party, Joins ADC

        Police Officer

        Niger Police Confirm Arrest of 22 Illegal Miners After Violent Clash

        Governor Yusuf of Kano Wins Top Infrastructure Award at London’s 15th…

        Mohammed Idris

        Local Government Autonomy Not Negotiable — FG Declares

        NELFUND

        NELFUND Resumes Monthly Upkeep Payments, Credits Over 3,600 Students

  • Security
    • Bandit banditry

      Lakurawa kills 3 police operatives in Kebbi

      Police Officer

      Niger Police Confirm Arrest of 22 Illegal Miners After Violent Clash

      FG Secures 44 New Convictions in Terrorism Financing Trial

      Troops Nab Three Gunrunners, Recover AK-47 Rifles, Ammo in Kaduna

      Board Approves Promotion of 95 Senior Officers in Immigration, Civil Defence,…

  • Features
    • Officers of NSCDC Mining Marshals

      Alake’s Verdict on Mining Marshals By Abdullahi O Haruna Haruspice

      CBN

      The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri…

      Soludo and Radda’s Candid Confessions on Homegrown Terror By Tahir Ahmad

      Nigerian Banks

      Nigeria’s Second Chance at a Global Cashless Future By Fatimah Yusuf…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Customs, NAFDAC Activate MoU to Fight Substandard Products By Abdullah Maiwada

  • State
    • Senator Ireti Kingibe Defects from Labour Party, Joins ADC

      Bandit banditry

      Lakurawa kills 3 police operatives in Kebbi

      Police Officer

      Niger Police Confirm Arrest of 22 Illegal Miners After Violent Clash

      Governor Yusuf of Kano Wins Top Infrastructure Award at London’s 15th…

      Troops Intercept 3 Gunrunners, Seize Weapons, Cash in Kaduna

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • PR Nigeria Award
  • E-Paper
Home Economy CBN, MTN Resolve Foreign Exchange Remittances Issue
  • Economy

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:

  • Senator Ireti Kingibe Defects from Labour Party, Joins ADC
  • Lakurawa kills 3 police operatives in Kebbi
  • Niger Police Confirm Arrest of 22 Illegal Miners After Violent Clash

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

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN
  • MTN
  • Remittances
Previous articleNOUN Acquires Printing Press to Stop Outsourcing
Next articleAmid controversy, FG clears air on US-detained Nigerian
Isaac Okorafor
Isaac Okorafor
http://www.PRNigeria.com

RELATED ARTICLESMORE FROM AUTHOR

CBN

The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo Laruba

President Muhammadu Buhari

Rat Story Was a Smokescreen to Divert Attention from Buhari’s Health – Garba Shehu Reveals

NAF Surgical Airstrikes Decimate Bandit Convoy, Eliminate Scores in Kebbi-Zamfara Axis

Fact-Check: Did Bandits Die Mysteriously in Nupe Community After Kidnapping Spree?

Comptroller General Nigerian Customs Bashir Adewale

Senate Applauds Customs CG Bashir Adeniyi for Global Leadership and Economic Reforms

Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy and National Security

Google Search Tech Digest

7 Smart Google Search Tips That Will Save You Hours By Shuaib S. Agaka | Tech Digest

Two Killed, Gunman Neutralized as Police Battle Armed Attackers in Anambra

L-R: Representative of the Managing Director of Bank of Industry, Ugochukwu Akagaogu; Minister of Information and National Orientation, Mohammed Idris; Minister of State for Industry, Senator John Owan Enoh and the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment, Ambassador Nura Rimi during the tour of the Hydropolis Free Trade Zone in Amfani, Magama Local Government Area of Niger State on Tuesday

FG Eyes 5,000-Tonne Boost in Fish Production Through PPP Model

U.S. VISA

REVEALED: Why US Reduced Visa Validity for Nigerians to 3 Months in Reciprocal Policy Shift

NSA Hails New Joint Doctrine and Welfare Centre to Revolutionize Military Collaboration

NSA Nuhu Ribadu and NGE President Eze Anaba

Security Chiefs, Editors, ‘Off-the-Record’ and Other Confidential Rules

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Senator Ireti Kingibe Defects from Labour Party, Joins ADC
  • Lakurawa kills 3 police operatives in Kebbi
  • Niger Police Confirm Arrest of 22 Illegal Miners After Violent Clash
  • FG Secures 44 New Convictions in Terrorism Financing Trial
  • Troops Nab Three Gunrunners, Recover AK-47 Rifles, Ammo in Kaduna
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Senator Ireti Kingibe Defects from Labour Party, Joins ADCLakurawa kills 3 police operatives in KebbiNiger Police Confirm Arrest of 22 Illegal Miners After Violent ClashFG Secures 44 New Convictions in Terrorism Financing TrialTroops Nab Three Gunrunners, Recover AK-47 Rifles, Ammo in KadunaBoard Approves Promotion of 95 Senior Officers in Immigration, Civil Defence, Fire, Correctional ServicesAlake's Verdict on Mining Marshals By Abdullahi O Haruna HaruspiceThe Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo LarubaGovernor Yusuf of Kano Wins Top Infrastructure Award at London’s 15th African Achievers EventLocal Government Autonomy Not Negotiable — FG DeclaresNigeria’s Future Rests on Smart Defence Management — Badaru to Military LeadersCustoms Hands Over 99.2bn Worth of Illicit Pharmaceutical Products to NAFDACTroops Intercept 3 Gunrunners, Seize Weapons, Cash in KadunaTroops Bust IPOB/ESN Logistics Network, Arrest Informants in Southeast — DHQSoludo and Radda’s Candid Confessions on Homegrown Terror By Tahir Ahmad
X whatsapp