Nigeria could cut USD8bn MTN repatriation demand

8 Oct 2018

The Central Bank of Nigeria (CBN) has indicated that it may reduce the amount it has ordered MTN Nigeria, the local unit of South Africa’s MTN Group, to refund as part of an ongoing disagreement, Reuters cites CBN Governor Godwin Emefiele as saying. In August MTN was ordered to return USD8.1 billion that the bank claims was illegally moved out of the country, leading to a court battle between the parties. According to the CBN, MTN had not obtained approval before transferring the funds and four banks had also breached foreign exchange laws by failing to verify that the operator had met all the requirements.

‘I don’t think it will be staying at USD8.1 billion,’ Emefiele said during a visit to London, adding he expected the issue to be dealt with ‘amicably and equitably’. ‘I want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time.’

Nigeria, MTN Group, MTN Nigeria