Nigeria’s CBN To Meet MTN, Banks Over $8.1bn Repatriation Row -Reuters

Nigeria’s CBN To Meet MTN, Banks Over $8.1bn Repatriation Row -Reuters

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Governor of the Central Bank of Nigeria (CBN) governor is to meet representatives of telecommunications giant MTN and banks on Tuesday to discuss a dispute over the repatriation of $8.1bn, two sources with direct knowledge of the matter told Reuters.
The dispute is over the transfer of $8.1bn of funds which the CBN said the company had sent abroad in breach of foreign-exchange regulations.
The people with knowledge of the matter, who did not want to be named, said executives from MTN and the four lenders involved in the case – Standard Chartered, Stanbic IBTC Bank , Citibank and Diamond Bank – would hold talks with CBN, Emefiele said on Tuesday.
The move comes days after Emefiele said the bank may reduce the amount to be repatriated.
Nigeria, which accounts for a third of the South African company’s annual core profit, is MTN’s biggest market.

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