The Central Bank of Nigeria (CBN) ordered the African telecom giant, MTN and four other banks «will refund a total of $ 8,134 billion left the country "for violating the rules of the currency market of the country.
The bank also imposed a huge penalty in the amount of N5.8 billion on banks for alleged assistance to MTN in the illegal repatriation of capital.
The regulatory body said that the bank issued irregular certificates of capital import (CCI) on behalf of some offshore investors MTN Nigeria Communications Limited.
The affected banks and their fines include Standard Chartered Bank (N2.4 billion), Stanbic IBTC (N1.8bn), Citibank (N1.2bn) and Diamond bank with N0.25 billion.
Isaac Ohoraofor, a representative of the CBN, said that a fine is required after applications for the transfer of foreign currency with irregular certificates of capital import issued on behalf of some offshore investors by MTN Nigeria Communications Limited and subsequent investigations conducted by the top bank in March 2018.
Okoroafor said that investigations showed that the amount of 3,448,119,321.72 was repatriated by Standard Chartered Bank on the basis of illegally issued CCIs.
Similarly, he said that Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc repatriated amounts of $ 2,632,005,623.78, $ 1,776,263,213.75 and $ 348,914,501.30 in the period from 2007 to 2015.
He said that the CBN sent the affected banks to immediately return the relevant amount.
As MTN "moved" half of Nigeria's external reserves from the economicY
In 2016, the Nigerian legislator, Senator Dino Melaye, (Kogi West) warned the National Assembly about how MTN repatriated about 12 billion dollars from the country over a 10-year period.
In a statement raised at the plenary session, Melay said:My esteemed colleagues, MTN Nigeria paid an amount of $ 284.9 million on February 6, 2001. USA, to acquire a license for operations in this country.
«Between 2006 and 2016, through four Nigerian banks and a minister of the Federal Republic of Nigeria, MTN transported more than $ 12 billion from Nigeria.
«This is about half of our external reserves. If I get a nod in the Senate, I want to bring a substantial offer the next day with confirmed facts to confirm this position, – he said.
The movement caused reactions from all sides, less than a year after a giant of telecommunications was hacked a record fine of $ 5.2 billion for the fact that he was unable to deactivate unregistered Sims,
Role of Standard Chartered Bank
The bank also in 2016 assured the regulatory authorities that it will fully cooperate in the alleged illegal repatriation of funds by MTN.
MTN Nigeria refuses repatriation of funds
In the same year, MTN denied involvement in any offense.
Since the publication of this report, there have been no comments from both banks and the telecommunications giant.