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CBN Debits N1.8bn Fine From Stanbic IBTC Bank Account

The Central Bank of Nigeria  has debited N1.886 billion from Stanbic IBTC Bank PLC account as fine imposed in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited. CBN disclosed this on Thursday in a letter forwarded to the bank. The letter reads: “Following…

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FG Asks MTN To Pay $2bn Tax Arrears

The Federal Government has ordered Africa’s leading mobile operator MTN to pay back taxes of $2 billion just days after the government ordered it to repatriate $8.13 billion, the company said on Tuesday. MTN gave a brief statement to the market in which it confirmed that Nigeria’s attorney general gave “notice of an intention to recover the $2…

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