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Wireless

MTN agrees settlement with Nigerian Central Bank

Thursday 27 December 2018 | 09:48 CET | News
MTN Group said it has reached an agreement with the Central Bank of Nigeria (CBN) over the repatriation of USD 8.1 billion from Nigeria to South Africa allegedly in breach of forex rules, and is withdrawing its cautionary share trading warning. It has agreed to pay a notional reversal of the 2008 private placement of shares in MTN Nigeria at a net cost of some NGN 19.2 billion (USD 52.6 million) but without admission of liability. The CBN said that certain certificates of capital importation (CCIs) used in the private placement had not been properly issued.

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Categories: Mobile & Wireless
Companies: MTN / MTN Nigeria
Countries: Nigeria / South Africa
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