Why CBN Won’t Hold Banks Liable For $8.13bn Repatriated For MTN- Emefiele

Governor of the Central Bank of Nigeria (CBN), on Tuesday corroborated a statement by Stanbic IBTC Holdings Plc, assuring investors that its banking subsidiary would not be held liable for the $2.6bn it helped telecommunications giant- MTN Nigeria to repatriation from the country using “forged” Certificates of Capital Importation (CCIs).
In a statement by Chidi Okezie, Company Secretary, titled “Re: Regulatory Fine By the Central Bank of Nigeria, dated September 24, 2018, Stanbic IBTC Holdings said it had been informed by its banking subsidiary – Stanbic IBTC Bank Plc, that the CBN commitment “that it would examine new submissions and documentations made by the bank, and where justified, it would review its earlier decision on the penalty it imposed on the bank.”
Fielding questions at the end of the two-day 120th Monetary Policy Committee (MPC) meeting in abuja on Tuesday, Emefiele said any liability arising from the funds transfer was that of MTN and not the four banks.
While the banks have had their reserves with the CBN reduced by N5.87bbn, MTN was asked to refund the entire $8.134bn. A breakdown of the fine showed that Standard Chartered Bank was fined and has since been debited to the tune of N2.47bn, Stanbic IBTC, N1.88bn (READ); Citibank Nigeria, N1.26bn; while Diamond Bank was slammed and debited N250m.
Emefiele also assured expressed optimsim over amicable resolution of the disagreement over the $8.1bn dispute arising from the unapproved repatriation of the funds.
“I am very optimistic we will resolve the matter and I believe that everybody will be happy. MTN will be happy, the banks will be happy. CBN and government would be happy,” Emefiele told journalists in Abuja.
He said an investigation into the matter started two years ago and that inadequate responses from the telecoms group compelled it to publish its finding.

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