Home General News CBN:  MTN Secure Deal Over $8.1bn Fund Allocation

CBN:  MTN Secure Deal Over $8.1bn Fund Allocation

MTN Limited is near to securing a deal with the Central Bank of Nigeria in order to repay $8.1bn.

It is supposed to have illegitimately taken out of the country, according to a person familiar with the matter.

CBN is set to meet four lenders of MTN Nigeria to discuss an argument over $8.1bn fund transfer, according to a banking source.

It was gathered that CBN sent invitations on Thursday to the Nigeria Heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank, to attend a meeting on Friday.

The central bank and the banks failed to comment on a meeting on Friday while a spokeswoman for MTN said she did not know of any meeting.

The meeting would start at 4 pm on Friday and focus on MTN’s fund transfer.

CBN in late August had assumed that MTN and four of its banks – Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc, illegitimately deported $8.1bn from Nigeria.

While the office of the Attorney General of the Federation said the company failed to bring $2bn taxes back.

CBN also imposed a fine of N5.87bn on the four banks for allegedly sending dividends.

With uneven Certificates of Capital Importation on behalf of MTN Nigeria between 2007 and 2015.

Meanwhile, MTN Nigeria Communication Limited has charged the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), before the Federal High Court in Lagos, demanding N3bn as general damages.

MTN is asking the court to declare that the AGF acted illegally by taking the powers of the Federal Inland Revenue Service, to review and demand apayment of withholding tax and value-added tax.”

 

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Arierhi Odjirighohttps://360aproko.com/
Music lover, writing gives me joy and am a proud one. The secret of getting ahead is getting started

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