BARBARA BAKO, Abuja
The Central Bank of Nigeria (CBN) on Wednesday says it is discussing with MTN and the four banks involved in the illegal $8.134 billion repatriation to reach equitable resolution.
The apex bank in a statement by the Director, Corporate Communications, CBN, Mr. Isaac Okorafor in Abuja said the engagement with the parties involved is upon new information on the issue.
“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution”.
The CBN had last month sanctioned and deducted N5.87 billion from the accounts of four banks for illegally repatriating $8.134 billion on behalf of the MTN Group. It also asked the telecom firm to return the money to government coffers.
The apex bank defended its action noting irregularities in the repatriation and noted that the measures taken were not to restrict access to investors’ returns.
CBN , according to Okorafor welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria, stating that “Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations”.
The Director also said furthermore, the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy. “We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations,” he added.
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