Ndlea Seizes Containers Of 581 Millions Tramadol TabletNDLEA Intercepts Containers of 581 million Tramadol TabletsAgenda: Atiku To Set Up Policies That Would Elevate Millions Of Nigerians Out Of PovertyKizz Daniel Allegedly Held Hostage Over ScamMay God Soften their Wickedness- Paul Okoye Shade Peter’s Wife, Lola?Atiku: I Spent 18 Months Working On My Plan With ExpertsBREAKING: Police, Residents Foil Attempted Bank Robbery In Ile-IfeWriter Jailed For Gay Sex Scene In Her NovelNollywood Actress Moradeke Adegboye Weds Movie ProducerToolz Speaks On Most Dangerous Place For A Woman To Be
CBN fines 4 Banks N5.6bn over Illegal Repatriation of Funds
Comments Off on CBN fines 4 Banks N5.6bn over Illegal Repatriation of Funds | | August 30, 2018 3:07 PM

The Central Bank of Nigeria (CBN) has fined four banks “for breaching Nigeria’s forex regulations,” a statement by its Director of Corporate Communications, Isaac Okorafor has said.


Standard Chartered Bank was fined N2.4 billion, Stanbic IBTC Bank fined N1.8bn, Citibank fined N1.2bn, and Diamond Bank fined N250 million.

The banks are “to also refund a total of $8.134bn for breaching Nigeria’s forex regulations on MTN’s illegal capital repatriation,” CBN said on its Twitter page on Wednesday.

ALSO READ:   Atrocious! Payporte’s Not So Decent Relations With Big Brother Nigeria Reality Show

CBN said the banks allegedly remitted foreign exchange with irregular Certificates of Capital Importation (CCIs) to offshore investors of MTN Nigeria Communications Ltd.

The CBN statement said the apex bank’s investigation revealed that Standard Chartered Bank illegally repatriated $3.45 billion dollars for MTN, adding that $2.63 billion, $1.766 billion, and $348 million were repatriated by Stanbic IBTC, Citibank, and Diamond Bank, respectively between 2007 and 2015.

ALSO READ:   Dangote Opens Mega Cement Warehouse In Imo State Capital


Copyright 2018 E247Magazine. Permission to use quotations from this article is granted subject to appropriate credit being given to https://www.e247mag.com as the source.

Comments Off on CBN fines 4 Banks N5.6bn over Illegal Repatriation of Funds


Comments are closed.

Access Bank
Facebook Page Like
Twitter Tweets
%d bloggers like this: