The Governor of CBN, Mr. Godwin Emefiele, has said that the apex bank may alter the $8.134 billion fines imposed on MTN Nigeria for illegal repatriation of funds from the country.
Reuters quoted Emefiele as saying this yesterday in London.
“I don’t think it will be staying at $8.1 billion. This issue will be dealt with amicably and equitably,” he said.
Emefiele said the central bank had received documents from MTN and four banks involved in the case.
“The central bank will be examining these; then it will be escalated up to my level,” he said.
He said he expected to get the results in a couple of weeks.
The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money, according to MTN’s lawyer.
Emefiele also said Nigeria’s central bank would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime.
Nigeria’s current stance of monetary tightening would continue, he said.
The central bank had alleged in August that MTN and four banks, Standard Chartered Bank, Citibank, Stanbic IBTC Plc and Diamond Bank Plc, illegally repatriated the sum out from the country.
MTN Nigeria thereafter went to court to challenge the directive of the CBN. In a suit at the Federal High Court, MTN Nigeria had prayed the court to restrain the CBN from taking further action in respect of the order.
