• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

MTN and CBN may reach settlement soon

Onome Ohwovoriole by Onome Ohwovoriole
November 9, 2018
in Business News, Company News
Foreign Direct Investment
Share on FacebookShare on TwitterShare on Linkedin

MTN  long running battles with the Central Bank of Nigeria (CBN) and office of the Attorney General of the Federation (AGF) may be close to resolution. The telecoms giant, the apex bank, and four commercial banks are scheduled to meet between this Friday and Monday next week.

The CBN in August this year fined four banks a total of ₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.

Standard Chartered was fined N2.4 billion, Stanbic IBTC N1.8 billion, Citibank N1.8 billion and Diamond Bank N250 million.

RelatedStories

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025

The apex also instructed MTN to return $8.1 billion. Shortly after, the Attorney General then slammed the company with a $2 billion tax bill.

The company  denied any wrongdoing, and has stated its commitment to continue operations in Nigeria. MTN then took the CBN and AGF to court to restrain the parties from collecting the respective sums.

Collateral damage 

The tussle has frightened foreign investors in the country, and briefly heightened foreign exchange outflows. The CBN was forced to issue a statement allaying rumors it would retroactively implement foreign exchange laws.

Minister of Finance, Zainab Ahmed during the 24th Nigerian Economic Summit held in October admitted the saga had been damaging  and there would be no company after MTN.

The South African Reserve Bank (SARB) this week claimed the dispute could potentially destabilise the country’s financial system, as it would affect MTN’s ability to meet obligations to South African banks.

MTN shareholders, also suffered as the company’s shares took a severe pounding.

The issues may have delayed a planned listing and Initial Public Offer on the Nigerian Stock Exchange (NSE).


Follow us for Breaking News and Market Intelligence.
Tags: CBNMTN Nigeria
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
Access Bank
Financial Services

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025
CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
MTN Group, Airtel Africa sign agreements to share network infrastructure in Nigeria and Uganda 
Financial Analysis

Data boom: Airtel and MTN set for profit surge in 2025 

June 9, 2025
Next Post
FG says 38 investors have indicated interest in modular refineries

Osinbajo: What banks must do to challenge Fintechs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Mr Wale Olayisade appointed acting Managing Director of Xpress Payments 
  • Africa’s shift to 100% renewable energy could create 5.4 Million Jobs by 2050 — Report
  • Academic Staff Union of Polytechnic Zaria Chapter laments poor pay, says lecturers earn N64,400 monthly 

Follow us on social media:

Recent News

Mr Wale Olayisade appointed acting Managing Director of Xpress Payments 

Mr Wale Olayisade appointed acting Managing Director of Xpress Payments 

June 20, 2025
Africa’s shift to 100% renewable energy could create 5.4 Million Jobs by 2050 — Report

Africa’s shift to 100% renewable energy could create 5.4 Million Jobs by 2050 — Report

June 20, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics