MTN & CBN Are Close To A Deal Over Alleged $8.1 Billion Fund Transfer
The spat between telecom operator, MTN Nigeria and Central Bank of Nigeria, CBN over alleged illegal repatriation of $8.1 billion, is probably coming to an end.
According to a person familiar with the matter who spoke with Bloomberg on condition of anonymity, a settlement might be sealed by Monday and could come as early as Friday (November 9th).
Another source who works in a bank told Reuters the CBN is set to meet four lenders of MTN Nigeria to discuss the matter.
It was gathered that the CBN emailed invitations on Thursday to the Nigerian Heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank, to attend a meeting on Friday, the source added.
The central bank and the banks declined to comment on a potential meeting on Friday while a spokeswoman for MTN said she did not know of a meeting.
The source said the meeting would start at 4 pm on Friday and focus on MTN’s fund transfer.
The CBN in late August had alleged that MTN and four of its banks – Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc – illegally repatriated $8.1 billion from Nigeria while the office of the Attorney General of the Federation claimed the company failed to remit $2 billion back taxes.
The CBN also imposed a total fine of 5.87 billion naira on the four banks for allegedly remitting dividends with irregular Certificates of Capital Importation on behalf of MTN Nigeria between 2007 and 2015.
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