Business Hilights
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MTN, CBN reach truce on $8.1bn CCI crisis, but matter still in court

Truce on the breach bordering on Certificate of Capital Importation (CCI) procedure between the Central Bank of Nigeria (CBN) and MTN Nigeria is underway, however, there is yet no comment from both sides on settlement out of court to demonstrate the new understanding.
Governor of the apex bank, Mr. Godwin Emefiele, gave the hint while responding to questions after the shifted November Monetary Policy Committee (MPC) meeting in Abuja weekend.
He revealed whereas the suit on the matter is still in court, he averred that a final decision has been reached on the $8.1 billion MTN Nigeria repatriation over which it was sanctioned in August.
Emefiele, who clearly justified the decision of the CBN, made it clear that there was a rationale for the regulatory action of the apex bank which included sanctioning the telecom giant and all four banks involved in the breach.
Business Hilights recalls that CBN had queried the process MTN used in repatriating $8.1bn profits to South Africa, describing it as illegal and a flagrant violation of Nigerian laws as the company erred in waiting till the final approval before tranches of the fund were moved away from the economy.
CBN had sanctioned MTN and the four banks including Standard Chartered Bank, Stanbic IBTC Nigeria, Diamond Bank and Citibank Nigeria which helped in the repatriation of the funds to return to the CBN coffers the $8.1bn being the illegally repatriated amount.
The repatriation, according to the apex bank, happened over a period of nine years.
According to the CBN Governor, “It is better to be slow in taking decisions but once you take them, they are portent and there is rational for the decision.”
He stressed that there is rational for the decision we took and there is no regret because due process in financial activities must be sacrosanct.