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Home Business News

CBN Governor confirms battle with MTN is close to settlement

Onome Ohwovoriole by Onome Ohwovoriole
November 23, 2018
in Business News, Politics
Foreign Direct Investment
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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.

“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.

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“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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Tags: CBNCCIGovernor Godwin EmefieleMTN 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

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