The Central Bank of Nigeria (CBN) on Wednesday fined four banks a total of ₦5.86 billion for allegedly breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.
The Apex bank also requested that they refund the sum of $8,134,312,397.63 which “was illegally repatriated on behalf of your company (MTN) by the aforementioned banks between 2007 and 2015.”
The disclosure was contained in a press statement obtained by Nairametrics; a snippet of which had earlier been tweeted on CBN’s official Twitter handle. We also have a copy of the letter issued to MTN.
There was a bit of confusion on who is to refund the fine but the CBN’s tweet suggests the banks are on the hook to refund the fine. Analysts, who spoke to Nairametrics highlight that the CBN did not state what exchange rate the dollars will be refunded as the CBN will have to pay MTN or the banks the naira equivalent in part exchange for the refund.
In Nigeria today corruption is been so rapid in such away it can no longer be erase
CBN is just waking up from a long slumber