BREAKING! Emefiele To Meet MTN And Banks Over $8.1 Billion Fine
The Central Bank of Nigeria, CBN, governor Godwin Emefiele, will on Tuesday (today) meet with the representatives of telecommunications company MTN and banks to discuss a dispute over the repatriation of $8.1 billion.
This is according to Reuters who cited two sources with direct knowledge of the matter.
The dispute is over the transfer of $8.1 billion of funds which CBN said the company had sent abroad in breach of foreign-exchange regulations.
The people with
knowledge of the matter, who did not want to be named, said executives from MTN
and the four banks involved in the case - Standard Chartered, Stanbic IBTC Bank,
Citibank and Diamond Bank - would hold talks with Emefiele on Tuesday.
The move comes days after Emefiele said the bank may reduce the amount to be repatriated.
Nigeria, which accounts for a third of the South African company’s annual core profit, is MTN’s biggest market.
This is a developing story. We’ll bring you more details as the story develops…