Nigeria's central bank may reduce MTN's $8.1 billion repatriation demand

Nigerias central bank may reduce the $8.1 billion it has ordered MTN Nigeria to refund in the repatriation dispute.

According to Reuters, Godwin Emefiele, the central bank governor, stated this while addressing reporters during a visit to London.

Emefiele said the documents submitted by the telecommunication firm and banks will help to make a decision in reducing the size of the claim at the top level.

He said the documents were received about two weeks ago.

“I don’t think it will be staying at $8.1bn,” adding that he expected the issue to be dealt with amicably and equitably in a couple of weeks.

“I want to believe that the figure will reduce. Whether it will be dropped completely, I honestly cannot say at this time,” Reuters quoted him as saying.

ALSO READ: All you need to know as Nigeria’s central bank and MTN go head-to-head in new forex saga

The South African telecoms firm, MTN and four banks – Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank – are parties to the forex repatriation dispute.

MTN had filed a court case against the Nigerian authority and refused to comment on latest developments.

CBN counters MTN in court

Last week, court papers revealed a counter-claim by the Central Bank of Nigeria in an injunction filed by MTN over the refund of the $8.1 billion demand.

The apex bank also urged the Federal High Court sitting in Lagos to ensure MTN pay an annualised 15% interest until courts rule on the conflict.

In August 2018, CBN ordered Africa's telecoms giant, MTN and four other banks to “refund a total of $8.134billion moved out of the country" for breaching the country's forex regulations.

It also slammed a huge N5.8 billion fine on the banks for allegedly aiding MTN in the illegal capital repatriation.

Also from Business Insider Sub-Sahara Africa:

Nigeria's central bank may reduce MTN's $8.1 billion repatriation demand

Nigerias central bank may reduce the $8.1 billion it has ordered MTN Nigeria to refund in the repatriation dispute.

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