MTN FINE: Emefiele Wants To Make MTN 'Happy'
You may recall that the Central Bank of Nigeria, CBN recently hammered Africa’s telecom giant, MTN Nigeria with a heavy fine over illegal repatriation of profits made in Nigeria.
On Tuesday, the CBN governor, Godwin Emefiele said he was optimistic the bank would resolve the dispute with MTN.
Emefiele said the bone of contention was that MTN did not obtain final approval before moving the naira equivalent of $8.1 billion from its profits out of Nigeria.
MTN and its banks have since written to the central bank and provided documents on the matter, Emefiele said.
“I am very optimistic we will resolve the matter and I believe that everybody will be happy. MTN will be happy, the banks will be happy. CBN and government would be happy,” Emefiele told reporters in Abuja on Tuesday.
Nigeria, which accounts for a third of MTN’s annual core profit, is MTN’s biggest market and Emefiele said MTN was “systemically important” to the country.
Emefiele said an investigation into the matter started two years ago. He noted that inadequate responses from the telecoms group compelled it to publish its finding.
The CBN last month ordered MTN and its banks to bring $8.134 billion back into Nigeria which the central bank alleged the company had sent abroad in breach of foreign exchange regulations.