The Central Bank of Nigeria (CBN) and MTN Nigeria, may have reached a tentative agreement on the $8 billion fine imposed on the telco for alleged breach of foreign currency repatriation out of the country.
A source in the know of the latest developments on the sanctions imposed on the telco and four banks over the regulatory infractions disclosed that the Chief Executive of the MTN, Mr. Rob Shuter, was in Abuja Thursday and held a meeting with the CBN Governor, Mr. Godwin Emefiele, to discuss out of court settlement of the fine.
Although no official statement was issued on the outcome of the discussions between the parties, it was reliably gathered that there were indications that the CBN could slash the fine by about 40 percent to enable the parties finalise the lingering disagreement over the sanction.
The source said that one of the immediate fallouts of the meeting was that the CBN management may meet with the CEOs of the four banks affected by the regulatory sanctions on Friday.
A few days back, the South African Reserve Bank (SARB) had said that the payment of the imposed fine could increase the risks of the South Africa’s financial system.
Reuters reported on Thursday that CBN sent e-mails to the CEOs of the four banks, namely of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to meet with the apex bank governor today.
It would be recalled that the apex bank had last August accused MTN of Nigeria’s extant monetary policy on currency by illegally repatriating $8.1 billion abroad.
However, MTN and the affected banks denied the allegations and while the telecom operator filed a suit at the law court to challenge the sanction, the banks were asking the CBN to refund the money charged to their accounts in the form of fines.
