See What MTN Has Done To Reduce CBN Fine
So, it appears telecommunication giant, MTN Group Ltd won’t be paying as much as the $8.1 billion that the Central Bank of Nigeria, CBN asked it to pay as fine.
This comes after the company and its bankers provided more documents that may make it possible for the CBN to reduce the $8.1 billion claim.
This was disclosed by the CBN governor, Godwin Emefiele while speaking to reporters in London on Sunday.
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Recall that the CBN alleged in late August that MTN and four banks -- Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc -- illegally repatriated money from Nigeria and that the company should return $8.1 billion.
The CBN also fined the four banks a combined $16 million.
Emefiele told reporter that he expected that the new information would help cut the size of the claim and that the matter would be resolved “amicably.”
“I don’t think it will be at $8.1 billion having provided documents,” Emefiele said, adding his staff is studying the documents and he hoped to make a decision on the matter in a “couple of weeks.”
MTN had earlier sought an injunction in September to buy itself time and fight the claim in its biggest market, which wiped as much as 36% off its market value within two weeks.
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