CBN Governor confirms battle with MTN is close to settlement

MTN Nigeria, Jumia listing

The legal tussle between the telecommunications giant, MTN Nigeria and the Central Bank of Nigeria (CBN) may be close to a settlement.

CBN Governor, Godwin Emefiele disclosed this in a question and answer session held after yesterday’s Monetary Policy Committee (MPC) meeting held in Abuja.

Bua group

“We are at the verge, I mean its at good as announcing it. At the appropriate time, these would be communicated.

“There are several issues involved in this matter. These issues where dealt with over the period. The one that generated the kind of attention that we didn’t think it should generate is the issue of repatriation. Let me say that it is better to be slow in taking some of these decisions so that they are cogent and there is a rationale for the decision.”

He also defended the bank’s actions.

“I repeat that there was a rationale behind the decision we took because we expected certain documents to be submitted, These documents are now being submitted.”

No cause for worry 

Emefiele also sought to allay concerns, stating that no other company was being investigated.

“The sanctity of the CCIs that are being issued by our banks to foreign investors remains sacrosanct. No other company is being investigated on the issue of CCI. No other person is being investigated on the issue of CCI This (the MTN Issue) is an isolated matter. There have been foreign investors in Nigeria who have been carrying CCIs over 50 years, and they have been conducting their business in a way we have been very happy (with). The MTN issue is being resolved.”

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