As the news broke Wednesday that MTN Nigeria has once more been penalised by another regulator in Nigeria, industry watchers have been wondering if the telecom giant will be able to overcome the challenges it has been faced with in the country.
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 four banks also fined a total of N5.87 billion by the Nigerian banking sector regulator were 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 (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006
The CBN order on MTN is coming at a time when MTN Nigeria is still struggling to complete payment of the N1.04 trillion fine imposed on it in 2015, by the telecoms industry...
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