The Central Bank of Nigeria (CBN) on Thursday effected the fine on four banks that breached its capital importation policy to the tune of N5.87 billion.
CBN debited the account of Standard Chartered Bank with N2.4 billion, Stanbic IBTC N1.88 billion, Citibank Nigeria N1.2 billion and Diamond Bank N250 million for allegedly issuing irregular Certificates of Capital Importation (CCI) on behalf of some offshore investors of MTN Nigeria Communications Limited. MTN Nigeria was also directed by the CBN to refund $8.134 billion to its coffers.
In a letter to the Nigerian Stock Exchange (NSE), Stanbic IBTC Bank informed investors and stakeholders that CBN had “unilaterally deducted” N1.886 billion from its account with the regulator, despite protestations by the bank that it did not violate any regulation on money remittances.
It read: “Following our earlier announcement to The Nigerian Stock Exchange (“NSE”) on 30 August 2018, in respect of the penalty of N1.886 billion imposed by the Central Bank of Nigeria (“CBN”) on our banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited, we write to update The NSE that the CBN has debited the account of our banking subsidiary with the CBN for the full amount of the above stated fine advised to the Bank.”
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Hard lesson, you guys will wake up when September ends.
ReplyDeleteThis is not good for Nigerians. CBN must follow due process if not Nigeria continues to look like a tough place to invest
DeleteAnno.13.30. What do you know. I wan talk i wan talk you open mouth saliva dey drip. Do you even go to school at all, go back and read your Economics note book.then you understand better. This is a good news.
Delete15:24 talking when adults are speaking.
Deletethis isnt any good news. is it only MTN in this country? because the other telecoms companies are Nigerian owned? they are just trying to push MTN out of the country. All these money they ate deducting is for election o...so they can bribe voters and have money for campaign. These banks did not violate anything. Notice how of the banks are international banks..only Diamond bank is an indigenous bank?!! Mtn will just pack and go they way the sent Etisalat packing so they can buy it again!
ReplyDeleteDid you eat decayed frog before posting your comment? Please check your bowel very well.
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