$8.1bn illegal transfers: Senate cleared us—MTN insists

By / 5 months ago / Breaking, Business / No Comments
$8.1bn illegal transfers: Senate cleared us—MTN insists


Telecommunication giant MTN, has refuted claims by Central Bank of Nigeria (CBN) that it illegally repatriated $8.1billion from its Nigerian operations to offshore investors, in collusion with four Nigerian banks.

CBN had alleged that MTN repatriation violated its rule that required such transaction be done with regular Certificates of Capital Importation (CCIs) issued by the apex bank.

The apex bank further claimed MTN did the repatriation after illegally converting shareholders’ loan of $399, 594,146 to preference shares.

But in a statement by Mr Funso Aina, MTN’s Corporate Affairs Manager, the firm stated: “MTN Nigeria strongly refutes these allegations and claims. No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of CBN as required by law.”

He added that the issue surrounding the CCIs was already subject of a thorough enquiry by the Nigerian Senate.

He further noted that in September 2016, the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign Exchange (monitoring and miscellaneous) Act by MTN Nigeria and others.

Aina also claimed that in its report issued last November, the Senate’s findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy. We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available,” he further added.

Following the accusation of illegal repatriation  of funds, shares of MTN Nigeria dropped 18 percent Thursday.

In same vein, Standard Chartered Bank reacted thus: “As previously disclosed, we are committed to fully co-operating with the regulators on this matter. Whilst we cannot provide additional information due to ongoing engagement with the regulators, we look forward to a rapid resolution and satisfactory outcome of this matter.”

On its part, Diamond Bank, in a notice to the Nigerian Stock Exchange (NSE), said it was co-operating with the apex regulator to ensure the matter was resolved.

The bank also stated that the development would not impact on customers’ ability to do business, adding that “any updates on any new development will be made available to all stakeholders.”

It reiterated that it had complied with all regulatory policies issued. As at the time of this report, the bank’s share was trading at N1.27 on the NSE, down 8.63 percent.

Leave a Reply

Leave a Reply

Notify of


newjordansreleases, ledestool,


nike mens air huarache mesh trainers

nike air jordan 13 retro low gsnike sb womens blazer zoom low xt sneakers white prism pink black womens 5.5reebok womens dmx max mania walkingshoejordan flight club 91 boys preschool


adidas originals hamburg black yellow

white black varsity red metallic silver air jordan 14 xiv retronike zoom kobe 5.5 shoes black white purpleadidas copa tango 18.1 tr menscelebrity feet wale air jordan vi olympic 2000 retro


nike mercurial vaporx xii academy ronaldo tf turf soccer shoes green gold white

nike mens shox tl1 shoes black blueair jordan xi concord sneaker cake step by step processmens nike shox nz id shoe white azureair jordan 6 retro mens noctilucent tags shoes white purple


under armour curry 1 lux low

nike air zoom streak lt 4 mens 924514 405nike mens sb zoom blazer low ac qs sail sail white 11 m usnike air force 1 mid sp obsidian white obsidiannike nike face off stock 707106 100 team white team white team black


champs sports exclusive adidas nmd black

nike kobe 8 system mc mambacurialmens adidas originals high boots khaki2018 nike kyrie irving 3 eybl cool grey sail black 942206 002alife public naval canvas black and white


2013 nike free run 3.0 women shoes in navy and pink

nike air 7 jordanair jordan 1 high og tianjinjordan play in these f txt university blue varsity purple availablesummer nike kids roshe one running shoe


nike cortez nubuck first look

vans old skool mtenike air force 1 low easter 2018nike kd vi blackorange glow in the darkreebok ventilator cny chinese new year


mens 2015 slippers air max nike flip flop outdoor yellow

discount nike air max 2015 mesh cloth womens sports shoes purple sk192673nike air max 1 unisex all pink running shoesgrey and white air force 1nike air max 1 white black womens 319986 109 02


amazing nike free run 2 men black green

nike air max 90 black black and


2013 nike air max 95 2013 dyn fw

nike air max 90 ultra 2 0 essential saldi donna scarpe rosanike air max 90 gr e 42hot nike air max command womens s 7xtv25nike zoom live ii women


nike dunks all black

new balance 991 made in uk black with grey & arctic fox


under armour charged ultimate tr 2 0 mens training shoe

nike air max zero imgatmos x air max 1 elephant 2017air jordan 10 massage slippers black whitecheap nike kobe 11 multi color


nike air max 90 ltr premium sea glass fuchsia flash obsidian

nike air max 2011 mens running shoes size 11 black orangenike air max plus lx gunsmoke womens ah6788 001 05nike free 5.0 men running black red white shoesnike zoom talaria mid flyknit brown


nike air trainer 1 low st white black wolf grey cool grey

super specials nike air presto dames trainer leveranciersprijzenchaussures nike air max 95 ultra se rouge vue dessousnike miami court skornike sportswear kawa shower mujer chanclas de ba o barato


adidas deerupt w linen cq2913

electric lime light gray mens nike free 40 flyknit shoesnew balance 247 luxe moonbeam with tanmens nike air max infuriate low basketball shoesnike kobe 6 ftb fade to black mamba