MTN Reacts To CBN Sanction

Telecommunication giant, MTN Nigeria has reacted to the sanction imposed on it by the Central Bank of Nigeria (CBN).

In a statement on Thursday, it denied the allegations of illegal funds repatriation levelled against it by the apex bank.

Contrary to the claims, MTN stated that all dividends paid to shareholders were approved by the nation’s financial regulator in accordance with the law.

The company, however, said it would meet with relevant government agencies to defend its position on the matter.

The CBN had ordered the telecoms firm and four commercial banks to return $8.1 billion to the country.

The apex bank stressed that the sanction was necessary following a breach of the nation’s forex regulation by the parties involved.

In 2015, the Nigerian Telecommunication Commission MTN Nigeria slammed a fine of about N1.04 trillion, which was later reduced to N330 billion, on MTN Nigeria for failing to disconnect 5.2 million unregistered sim cards.