MTN Nigeria and Other Commercial Banks Fined $8,134,312,397.63, by CBN

Precisely, the Central Bank of Nigeria (CBN) has asked MTN Nigeria and four banks which it also sanctioned alongside the telecom company to “immediately refund the sum of $8,134,312,397.63, illegally repatriated by the telecoms company to the coffers of the Central Bank of Nigeria”.

The banks include; Standard Chartered Bank, Citibank Nigeria, Stanbic IBTC and Diamond Bank Plc, over what the CBN described as flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange.

MTN Nigeria is still struggling to complete payment of the N1.04 trillion fine imposed on it in 2015

Announcing the decision, CBN’s Director, Corporate Communications, Isaac Okorafor, said the actions of the Bank became necessary following allegations of remittance of foreign exchange (FX) with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited by investigations carried out by the apex bank in March 2018.