• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Business News 201808

Nigeria Central Bank Orders Four Banks To Refund $8.1bn MTN Sent Abroad

30-Aug-2018
/ Business News, Business
Email
Print
Comments 0
(0)
Comments
Share on Facebook Share on Twitter
 

Nigeria’s central bank has ordered four banks to refund $8.134bn that MTN illegally sent out of the country in breach of foreign exchange regulations, the central bank said on Wednesday.

The Central Bank of Nigeria has also fined the banks, it said on its official Twitter account, although the fines are small compared to the demanded refund.

A report by Reuters and published by Businesslive.co.za said Standard Chartered was fined 2.4-billion naira ($7.86m), Stanbic IBTC Bank 1.8-billion naira, Citibank 1.2-billion naira and Diamond Bank 250-million naira.

The Nigerian telecommunications regulator, Citibank, Standard Chartered and Diamond Bank were not immediately available for comment.

A spokesman for MTN declined to comment, while a Stanbic IBTC spokesman said a statement would be issued shortly.

Last November, Nigeria’s Senate approved a report largely exonerating MTN, following an investigation after the business was accused of illegally repatriating $14bn to its parent company.

At the time, the Senate also asked Nigeria’s central bank to sanction Stanbic IBTC "for improper documentations in respect of capital repatriation and loan repayments" on behalf of MTN.

Parliament’s upper house agreed in 2016 to investigate whether Africa’s biggest telecoms firm unlawfully repatriated $13.92bn from Nigeria, its most lucrative market which generates a third of its revenue, between 2006 and 2016.

Meanwhile, shares in MTN Group plunged as much as 19 percent early on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return $8.1 billion.

Nigeria’s central bank said the funds had been illegally moved abroad. MTN denies the allegations reports Reuters.

At 0713 GMT, the stock was down 14 percent at 92.12 rand, recouping some of the losses after falling to a low of 86.99 rand. (Reporting by Tiisetso Motsoeneng Editing by Joe Brock)


Source: Reuters/Daily Graphic

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Ghana to learn decommissioning from Scottish Forth Ports

Next Post

Economic Crisis 8,000 Workers Going Home

 
 

More Stories

Mega Fortune: Ghana’s First Fully Digital Lottery
KGL Group Leads The Charge For Diaspora Inclusion At The Ghana Investment And Opportunities Summit 2023
Ghana Is Back On Track With Investment Opportunities - Bawumia Woos Foreign Investors
Phillips Consulting Limited Tasks Organisations On Reimagining Talent Experience And Retention
Absa Bank Engages Clients On Economy
Growing Ghana’s Oil Reserve
AbsaBank Signals Bold Commitment To Africa With New Purpose
Convenient Payment Methods for Ghanaian Online Casino Enthusiasts
West Africa's Biggest Shopping Centre, $250 million Ghana International Mall Almost Complete (VIDEO)
Next Post

Economic Crisis 8,000 Workers Going Home

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Business News Stories

  • Mega Fortune: Ghana’s First Fully Digital Lottery

  • KGL Group Leads The Charge For Diaspora Inclusion At The Ghana Investment And Opportunities Summit 2023

  • Ghana Is Back On Track With Investment Opportunities - Bawumia Woos Foreign Investors

  • Phillips Consulting Limited Tasks Organisations On Reimagining Talent Experience And Retention

  • Absa Bank Engages Clients On Economy

  • Growing Ghana’s Oil Reserve

  • AbsaBank Signals Bold Commitment To Africa With New Purpose

  • Convenient Payment Methods for Ghanaian Online Casino Enthusiasts

  • West Africa's Biggest Shopping Centre, $250 million Ghana International Mall Almost Complete (VIDEO)

  • Prudential Life- Celebrating 9 Years of Helping People Get The Most Out of Life

 

 
 

Popular Videos

Kokrokoo Live On Peace 104.3 FM (07/06/2023)

What's The Meaning Of Your Statement??? Ellen Daaku Asks Sammy Gyamfi

Peace Power Sports (05/06/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (05/06/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (06/06/2023)

Peace Power Sports (06/06/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media