CBN REVIEWING SANCTIONS ON MTN AND FOUR COMMERCIAL BANKS

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The Central Bank of Nigeria (CBN) has said that it is reviewing the recent sanctions placed on MTN and four commercial banks.

This is contained in a statement released by the apex bank on Wednesday, September 19, 2018.

According to the CBN, the parties involved have submitted fresh documents in response to the sanctions.

You will recall that the CBN had directed MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.

Aside the directive to MTN, it also directed four banks, Diamond Bank, Standard Chartered Bank, Stanbic IBTC and Citibank, to pay a fine of 5.87 billion naira.

The statement which was signed by Isaac Okorafor, CBN spokesman read:

“The recent sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.

“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable solution”.

“We assure all investors that the integrity of the CCI regime remains sacrosanct.

“We wish to restate that the CBN will continue to welcome foreign investments and investors. Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations.

“Furthermore, the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.

“The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria”.

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