Business

CBN governor “optimistic” MTN issue will be resolved “soon”

147
By Ruth Olurounbi
The Nigerian central bank governor, Godwin Emefiele has hinted that the MTN problems with the regulatory body will probably be resolved soon, saying the South African company is “systemically” important to Nigeria’s economy.

“We will resolve the matter in a way that will leave MTN, the banks, the government and the Central Bank of Nigeria happy,” he told reporters on Tuesday in the capital, Abuja, after he announced that the bank was retaining Monetary Policy Rate at 14%.

Emefiele said the central bank had not imposed a fine or sanction on MTN, rather, it is seeking that the wireless operator reverses the $8.1 billion it had repratriated from the Nigeria with the regulatory body’s approval.

“I would call it neither a fine nor a penalty. We want a reversal of that transaction because it was not finally authorized by the Central Bank of Nigeria. We will invite the banks and the company to prove their case,” he said.

Emefiele also said that the central bank has received documents from the telecommunication operator as well as the banks fined for helping the company illegally move $8.1 billion from the Nigeria and the bank’s examiners reviewing the information.

“It’s important that the country’s foreign-exchange laws be obeyed” adding “in due course, we’ll make a final call on this subject,” he said.

Leave a comment

Related Articles

CBN dissolves boards of Union, Keystone, Polaris Banks

The Central Bank of Nigeria (CBN) has announced the dissolution of the...

Heritage Bank: Customers to receive payments within one week – NDIC MD

The Nigerian Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank...

Nigeria’s current account balance surges by $1.43bn – IMF

The International Monetary Fund’s World Economic Outlook Database indicators have revealed that...

Three Shell companies in Nigeria, partners spent $42.2m on social investment in 2023

Three Shell companies in Nigeria, partners spent $42.2m on social investment in...

Heritage Bank liquidation: NDIC spells out fund retrieval process for customers

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage...

Update: CBN revokes Heritage Bank’s operating license, appoints NDIC as liquidator

The Central Bank of Nigeria (CBN) has revoked the license of Heritage...

Q1 2024: FBN holdings flaunts impressive performance, posts N238.53bln profit before tax

With its impressive performance as one of the oldest banks in Nigeria...

Naira surges by 9.68% at the official window, closing at N1,339.33/$1

The Nigerian naira appreciated significantly against the US dollar on Monday, closing...

UBA at 75: It’s testament to resilience, innovation, remarkable financial strength – GMD

In its 75 years of operation, the United Bank for Africa (UBA)...

Breaking: Emirates Airlines to resume operations in Nigeria Oct. 1

Emirates Airlines says it plans to resume operations in Nigeria on October...

Western Digital launches SanDisk Desk Drive

Western Digital has launched the SanDisk Desk Drive, the latest addition tonits...

List of five charges Nigerians pay for electronic transactions

Following the latest directives from the Central Bank of Nigeria (CBN) authorizing...

Zenith Bank shareholders approve bank’s restructuring to holding company

“The Founder and Chairman of Zenith Bank Plc, Jim Ovia, expressed his...

UBA increases stake in Kenya, Uganda subsidiaries, eyes East Africa market

Pan-African banking group, United Bank for Africa (UBA) says it has acquired...

CBN sells fresh dollars to BDCs at N1,021/$ as naira loses steam

The Central Bank of Nigeria (CBN) has issued another circular to Bureau...

Naira bullish gains restore confidence among investors, businesses – CBN Gov. Cardoso

The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso,...

Pres. Tinubu commends Dangote Group over new gantry price of diesel

President Bola Tinubu has applauded Dangote Oil and Gas Limited for reducing...

Industry and Trade Minister promises Nigerian Breweries, business community enabling environment

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has reaffirmed...

Transcorp Power Plc grows topline by 57.03%, profit up by 75% in 2023 audited results

Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Nigeria’s...

UBA records impressive gross earnings rise of 143%, profit hits N757.7bn in financial year 2023

The United Bank for Africa (UBA) Plc has recorded a 143 per...