Unic Press UK: The Central Bank of Nigeria has fined the MTN Group $8.134 billion (₦2.94 trillion) over funds the telecom giant illegally transferred to the overseas from its accounts via Nigerian banks – Stanbic IBTC, Citibank, Diamond Bank and Standard Chartered.
The four Nigerian banks indicted have been fined circa $15.6 million (₦5.7 billion). The Central Bank said that Certificates of Capital Importation (CCIs) were not properly issued; and the illegal transfer of funds to the overseas amounted to a violation of the subsisting laws of Nigeria, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.
#CBN Slams N2.4bn fine on Standard Chartered, N1.8bn on Stanbic IBTC, N1.2bn on Citibank, N0.25bn on Diamond Bank. All to also refund a total of $8.134bn for breaching Nigeria's forex regulations on MTN's illegal capital repatriation.
— Central Bank of Nigeria (@cenbank) August 29, 2018