The Central Bank of Nigeria (CBN) has imposed a fine of N5.8bn on four commercial banks for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation. The apex bank announced the sanction in a statement issued in Abuja. The banks that were sanctioned are Standard Chartered – N2.4 bn, Stanbic IBTC – N1.8 bn, Citibank – N1.2bn and Diamond Bank - N0.25bn.
The apex bank also asked these banks to refund the sum of $8,134,312,397.63 for what it described as “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”
Repatriation of Capital is the return of capital from abroad to the country
of its origin, by the transfer to the homeland of capital invested abroad, as well as the profits on it, and by the transfer of foreign currency earned from the sale of goods and services.CBN also asked MTN to refund $8b
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Emeka Falake
How MTN 'moved' half of Africa's largest reserve out of the economy
In 2016, Nigerian lawmaker, Senator Dino Melaye, (Kogi West) alerted the National Assembly on how MTN repatriated 12 billion dollars out of the country over a 10-year period.
In a motion raised at the plenary, Melaye said, “ My respected colleagues, MTN Nigeria paid a sum of 284.9 million dollars on the 6th of February, 2001, to purchase their licence of operations in this country.
“ Between 2006 and 2016, through four Nigerian Banks and a serving minister of the Federal Republic of Nigeria, MTN moved over 12 billion dollars out of Nigeria.
“ That is about half of our external reserves. “If I get the nod of the Senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position ,” he had said.
The motion generated reactions from every quarters, less than a year the telecoms giant was slammed a record fine of $5.2 billion for failing to deactivate unregistered sims.
Standard Chartered Bank's role
The Bank had also in 2016 assured regulators that it will fully cooperate into the alleged illegal repatriation of funds by MTN.
MTN Nigeria denies repatriation of funds
MTN had also denied being involved in any wrongdoing.
In 2016, Nigerian lawmaker, Senator Dino Melaye, (Kogi West) alerted the National Assembly on how MTN repatriated 12 billion dollars out of the country over a 10-year period.
In a motion raised at the plenary, Melaye said, “ My respected colleagues, MTN Nigeria paid a sum of 284.9 million dollars on the 6th of February, 2001, to purchase their licence of operations in this country.
“ Between 2006 and 2016, through four Nigerian Banks and a serving minister of the Federal Republic of Nigeria, MTN moved over 12 billion dollars out of Nigeria.
“ That is about half of our external reserves. “If I get the nod of the Senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position ,” he had said.
The motion generated reactions from every quarters, less than a year the telecoms giant was slammed a record fine of $5.2 billion for failing to deactivate unregistered sims.
Standard Chartered Bank's role
The Bank had also in 2016 assured regulators that it will fully cooperate into the alleged illegal repatriation of funds by MTN.
MTN Nigeria denies repatriation of funds
MTN had also denied being involved in any wrongdoing.
Akintoye Adebareh Abdul Akeem
MTN also bribe one idiot in buhari's cabinet then.
