CBN and MTN reach agreement over $8.1 billion repatriation


The Central Bank of Nigeria (CBN) and telecommunications company, MTN, have agreed to settle out of court in the latter’s suit to challenge a directive to return the $8.1 billion allegedly illegally repatriated.

Speaking in court after a hearing, MTN counsel, Wole Olanipekun (SAN) said his client has approached CBN for an amicable settlement.

Seyi Sowemimo, CBN’s lead counsel, also told the court that the negotiation was at an advanced stage.

Saliu Saidu, the justice presiding over the case, adjourned till December 12 for a report on the settlement.

CBN slammed a total of N5.87 billion fines on four banks and ordered them to refund over $8.13 billion alongside MTN, for what it described as “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006.”

The four banks involved include: Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank.