Nigeria’s biggest telecoms operator MTN has been slammed with a fine of about NGN3 trillion by the Central Bank of Nigeria (CBN). The latest hefty fine imposed by the operator totals $8.134 billion and is in response to foreign exchange infractions.
ARISE News Channel reported that CBN sanctioned MTN over irregular foreign exchange remittances to its parent company in South Africa through four Nigerian banks – Standard Chartered Bank (StanChart), Stanbic IBTC Limited (Stanbic), Citibank and Diamond Bank Plc.
Between 2001 and 2006, MTN used the banks to import the sum of $402.5 million between 2001 and 2006 to fund its investments in Nigeria by way of inter-company loans and equity investments.
Where MTN erred was it did not obtain Certificates of Capital Importation (CCIs) as required by the CBN, when it started doing business in Nigerian in 2001, yet, the company went ahead to covert the $402.5 million into preference shares and CCIs were issued by StanChart, Citibank and Diamond Bank respectively, to enable the MTN Nigerian subsidiary to remit monies to its parent company in South Africa to the tune $8.134 billion.
The operator is yet to comment on this latest fine.
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