CBN Hammer On MTN, Four Banks: I’ve Been Vindicated, Says Dino Melaye

CBN Hammer On MTN, Four Banks: I’ve Been Vindicated, Says Dino Melaye

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Post Views: 592 Days after the Central Bank of Nigeria (CBN) indicted telecommunications giant- MTN Communications Nigeria, as well as four banks- Sta...

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Days after the Central Bank of Nigeria (CBN) indicted telecommunications giant- MTN Communications Nigeria, as well as four banks- Standard Chartered Bank, Stanbic IBTC Bank, Citibank and Diamond Bank, Senator Dino Melaye, on Saturday night said he has been vindicated two years after he raised the issue on the floor of the red chamber.
While MTN Nigeria was ordered to refund $8.134bnfor alleged illegal foreign exchange repatriation through certificates of capital importation (CCIs), the four banks were fined N5.87bn.
Taking to his twitter handle, Melaye recalled that he “was called all sorts of names” at the time.
“All figures and banks mentioned by me are exactly quoted by CBN. My prayer in that motion is exactly the resolution of CBN. To God be the glory,” he added.
The telecom giant, as well as Stanbic IBTC and Diamond Bank, on Friday wrote the Nigerian Stock Exchange (NSE) assuring that they are cooperating with the apex banks in the investigations (READ MORE).
MTN Nigeria was accused of violating “the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”
A breakdown of the fines by the CBN showed that while a fine of N2,470,604,767.13 was slammed on Standard Chartered Bank; Stanbic IBTC Nigeria is to pay N1,885,852,847.45. On its part, Citibank Nigeria was directed to N1,265,541,562.31 penalty, and Diamond Bank, N250m for violating extant rules (READ MORE).

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