CBN may cut MTN’s $8.1 Billion Repatriation Demand

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Enterprise Television- CBN may cut MTN’s $8.1 Billion Repatriation Demand

The Central Bank of Nigeria may reduce the amount it has ordered MTN Nigeria to repatriate, the CBN Governor, Godwin Emefiele, said on Sunday.

Emefiele said the central bank had received documents about two weeks ago from MTN and four lenders involved in the case – Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank –and was in communication with all parties involved.

He said the central bank will be examining these, then it will be escalated up to his level, adding that he expected to get the results in a couple of weeks.

Emefiele stated that the MTN case was a one-off, and the central bank was not looking at transactions involving any other companies operating in Nigeria.

He also said the central bank would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime.

The dispute over $8.1 billion repatriated funds started when the CBN alleged that MTN used improperly issued certificates to transfer funds out of Nigeria after the telecom giant converted shareholder loans in its Nigerian unit to preference shares in 2007, but MTN denied the allegations.

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