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Four Banks In Nigeria & MTN Fined $8.1 Billion By Central Bank

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.

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