MTN: CBN announces outcome of negotiation over ‘illegal repatriation of $8.1bn’

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday said the Bank had successfully resolved the issue with MTN on allegation of illegal repatriation of 8.1 billion dollars.

Emefiele made this known in Abuja while fielding questions from journalists at the end of the first Monetary Policy Committee meeting for the year.

“I am glad to tell you in November we held a round of meetings with MTN officials even from South-Africa and by December we concluded those engagements and the matters were resolved”, he said.

“It resulted in a notional reversal. Let me make it clear that it is not a fine or a penalty. It was a notional reversal of 53 million dollars amounting to about N19.5 billion.

“This amount has since been paid by the MTN and terms of settlement of this matter has already been lodged at the Nigerian court”.

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