The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Sunday said that the apex bank may review the $8.134 billion fine imposed on the MTN Group Ltd if facts provided to support its complaints justify such decision.
The apex bank had in August sanctioned the telecom operator and four banks including, Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc, about $10.2 billion for allegedly repatriating CCI forex illegally.
Emefiele, while interacting with journalists in London on the issue, said that he expected that the new information provided by the company may reduce the fine, adding that the CBN is willing to have all the issues raised over the fine resolved “amicably.”
Reuters quoted the apex bank governor as assuring that “I don’t think it will be staying at $8.1 billion. This issue will be dealt with amicably and equitably.”
Emefiele said the CBN had received documents from MTN and four banks involved in the case and would be examining the details with a view to determining the justifiability or otherwise of the previously imposed sanctions on the entities.
Expatiating further, the CBN governor, who expressed the hope that the disagreement over the fine would be ended soon, stressed that “they will see they have been given a fair hearing. More information has been provided and I’m very optimistic that matters are going to be resolved amicably.’’
He maintained that the clash with MTN had taken a ‘global dimension’ that it didn’t need to, adding that the apex bank is keen to demonstrate to international investors how open the Nigerian market is.
Describing the MTN matter “isolated’’ which should not make anyone lose any sleep over, Emefiele, stressed that “this is not a matter that should have blown so openly. Nigeria is a country that happens to be very, very open.’’
Following its disagreement with the fine imposed on it, MTN Nigeria filed a suit at the Federal High Court, Lagos to challenge the CBN’s action, praying the court to restrain the CBN from taking further action in respect of the sanction pending the determination of the suit.
The CBN filed a counter-claim on Friday asking the Federal High Court in Lagos to deny MTN’s request and asking that the company should pay an annualized 15 percent interest on the dividends until the matter is ruled upon, and then 10 percent until the whole sum is paid, according to legal documents filed by the regulator.
