IRREGULAR CCIs: MTN,BANKS PRESENT MORE EVIDENCE
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-By Joseph Omoniyi
Telecommunication giant, MTN alongside four banks; Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank, have forwarded additional information over the sanctions slammed on them by the regulator, to the Central bank of Nigeria, CBN, on Wednesday for further review.
In a statement yesterday, CBN Director, Corporate Communications, Isaac Okorafor, said: “In response to the recent regulatory actions, the banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.
“We assure all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.”
The CBN had accused the banks of remitting foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited. The banks and MTN Nigeria have denied any wrong doing.
The banks were then sanctioned with a N5.87 billion fine, by the apex bank for breach of capital importation policy.
According to the CBN, the lenders were asked to refund
$8,134,312,397.63 for what it described as ‘flagrant violation of extant laws and regulations of the country, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006’
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