Nigeria's Govt Regrets Fine on MTN, Says It Is Damaging to Nigeria

Oct 25, 2018

Central Bank of Nigeria (CBN) fine on MTN Nigeria is very damaging to the country, Zainab Ahmed, finance minister has said.

This came as the telco confirmed it was continuing to hold talks with Nigerian officials to find a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds. Ahmed, speaking at the 24th Nigerian Economic Summit in Abuja on Tuesday, said the CBN and MTN are working together towards resolving the matter.

The CBN handed MTN a fine of $10b alongside some banks for allegedly issuing irregular certificates of capital importation (CCIs). 

“The MTN incident was a very damaging one for us, that was one of the reasons why we have been out trying to engage investors,” Ahmed said.

“But you see, there is a tendency for big business to take regulations and governments for granted.

“After that incident happened, all the information the CBN has been trying to get in two months actually came. Now, they have almost solved the problem.”

According to her, “We are trying to make sure this doesn’t happen again, we are continuously discussing with monetary authorities.

“There will be no company next after MTN, nobody is next because we can’t afford for this kind of incidence to keep happening.”

Elsewhere, MTN said this week that it was continuing to hold talks with Nigerian officials to find a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” MTN said in a statement on the Johannesburg Stock Exchange, where its shares are listed.

 

Source: Comms Week

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