The banks; Standard Chartered Bank, Stanbic IBTC, on Citibank and Diamond bank will return a total of 8.134 billion for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation. Nigeria’s central bank (CBN) has slammed a huge N5.8 billion fine on four banks for allegedly aiding Africa’s telecoms giant, MTN, in illegal capital repatriation.The regulatory authority said the bank issued irregular certificates of capital importation (CCIs) on behalf of some offshore investors of MTN Nigeria Communications Limited. The affected banks and their fines are Standard Chartered Bank (N2.4 billion), Stanbic IBTC (N1.8bn), Citibank (N1.2bn ) and Diamond bank with N0.25 billion. Isaac Okoroafor, CBN’s spokesperson, said the fine was necessary after allegations of remittance of foreign exchange with irregular certificates of capital importation issued on behalf of some offshore investors of MTN Nigeria Communications Limited and subsequent investigations carried out by the apex bank in March 2018. Okoroafor said the investigations indicated that the sum of $3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. Similarly, he said Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, repatriated the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 between 2007 and 2015. He said the CBN had directed the affected banks to immediately refund the respective sums to the CBN.How MTN ‘moved’ half of Africa’s largest reserve out of the economy In 2016, Nigerian lawmaker, Senator Dino Melaye, (Kogi West) alerted the National Assembly on how MTN repatriated 12 billion dollars out of the country over a 10-year period. In a motion raised at the plenary, Melaye said, “My respected colleagues, MTN Nigeria paid a sum of 284.9 million dollars on the 6th of February, 2001, to purchase their licence of operations in this country. “Between 2006 and 2016, through four Nigerian Banks and a serving minister of the Federal Republic of Nigeria, MTN moved over 12 billion dollars out of Nigeria.“That is about half of our external reserves. “If I get the nod of the Senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position,” he had said. The motion generated reactions from every quarters, less than a year the telecoms giant was slammed a record fine of $5.2 billion for failing to deactivate unregistered sims.Standard Chartered Bank’s roleThe Bank had also in 2016 assured regulators that it will fully cooperate into the alleged illegal repatriation of funds by MTN.MTN Nigeria denies repatriation of fundsMTN had also denied being involved in any wrongdoing. In the latest sanctions, no comment from the banks and the telecommunication giant as at the time of filing this report. Nigeria’s central bank (CBN) has slammed a huge $8.134 billion fine on four banks for aiding Africa’s telecoms giant, MTN, in illegal capital repatriation.The Banks are Standard Chartered Bank (N2.4 billion), Stanbic IBTC (N1.8bn), on Citibank (N1.2bn ) and Diamond bank with N0.25 billion.Isaac Okoroafor, CBN’s spokesperson in a tweet late Wednesday, said, “All to also refund a total of $8.134bn for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation.”The monetary authority will also ask MTN to return money it improperly repatriated, an undisclosed source told Reuters.How MTN ‘moved’ half of Africa’s largest reserve out of the economyIn 2016, Nigerian lawmaker, Senator Dino Melaye, (Kogi West) alerted the National Assembly on how MTN Nigeria repatriated 12 billion dollars out of the country over a 10-year period.In a motion raised at the plenary, Melaye said, “My respected colleagues, MTN Nigeria paid a sum of 284.9 million dollars on the 6th of February, 2001, to purchase their licence of operations in this country.“Between 2006 and 2016, through four Nigerian Banks and a serving minister of the Federal Republic of Nigeria, MTN moved over 12 billion dollars out of Nigeria.“That is about half of our external reserves. “If I get the nod of the Senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position,” he had said.Standard Chartered Bank’s roleThe Bank on had also in 2016 assured that it will fully cooperate with all law enforcement agencies and comply with all laws and regulations into the alleged illegal repatriation of funds byMTN Nigeria denies repatriation of fundsMTN had also denied being involved in any wrongdoing.In the latest sanctions, no comment from the banks and the telecommunication giant as at the time of filing this report.
