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MTN Nigeria Goes To Court Over $8.1 Billion [Or ₦2.94 Trillion] Fine

Unic Press UK: In a Press Statement today, MTN Nigeria said they’ve filed a suit at the Federal High Court, challenging the $8.134 billion (₦2.94 trillion) fine imposed on the company by the Central Bank of Nigeria (CBN) over funds the regulatory body said were illegally transferred to the overseas through four Nigerian banks – Stanbic IBTC, Citibank, Diamond Bank and Standard Chartered.

With regard to the CBN conclusion that Certificates of Capital Importation (CCIs) were not properly issued, the MTN Nigeria claims that they never repatriated dividends on the CCIs referenced by the regulatory body Central Bank of Nigeria (CBN).

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