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Nairaland Forum / Nairaland / General / Business / $8.1b: CBN Raises Mtn’s Hope (5881 Views)
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$8.1b: CBN Raises Mtn’s Hope by edunwablog: 1:32am On Oct 08, 2018 |
The Central Bank of Nigeria (CBN) may reduce the $8.1billion it ordered MTN Nigeria to repatriate as part of an ongoing disagreement, its governor Godwin Emefiele said yesterday. The MTN and the CBN are in a dispute over the transfer of $8.1 billion of funds which the bank said the company had sent abroad in breach of foreign-exchange regulations. Nigeria accounts for a third of MTN’s annual core profit. “I don’t think it will be staying at $8.1 billion,” Emefiele said during a visit to London, adding he expected the issue to be dealt with “amicably and equitably”. “I want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time.” Emefiele said the CBN had received documents two weeks ago from MTN and four lenders involved in the case – Standard Chartered, Stanbic IBTC Bank, Citibank and Diamond Bank – and was in communications with all parties involved. “The central bank will be examining these, then it will be escalated up to my level,” he said, adding he expected to get the results in a couple of weeks. The two sides are locked in a court dispute over the transaction. The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money. Emefiele said the MTN case was a one-off, and the central bank was not looking at transactions involving any other companies operating in Nigeria. “We respect the sanctity of these companies,” he said. Shares in MTN lost almost five per cent over the past week. Emefiele also said the CBN would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime. Nigeria has been battling to defend its currency and shore up its reserves of around $44 billion, hobbled by lower oil prices. At the same time, the oil exporter has suffered from high inflation, which edged up to 11.2 percent at its last reading – well above the central bank’s 6-9 percent target. Emefiele said Nigeria’s current stance of monetary tightening would continue. https://www.akelicious.net/2018/10/81b-cbn-raises-mtns-hope.html
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Re: $8.1b: CBN Raises Mtn’s Hope by blackpanda: 4:49am On Oct 08, 2018 |
Many people are gonna be rich from this. Anytime govt cancels debt like this, someone becomes a billionaire 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by Umueme: 4:56am On Oct 08, 2018 |
Emefiele park well o U guys shud enshua dat u gt dat money 2 d last cent cos this is a case of kworoption....MTN been chopping awa money since 15 AD wont b a crime 4 d table 2 b turned #MyOpinion 4 Likes |
Re: $8.1b: CBN Raises Mtn’s Hope by Nobody: 7:01am On Oct 08, 2018 |
Ok |
Re: $8.1b: CBN Raises Mtn’s Hope by chris20000: 7:03am On Oct 08, 2018 |
$8.1 billion, Mtn is the richest company in Nigeria. |
Re: $8.1b: CBN Raises Mtn’s Hope by 9jagobetta: 7:04am On Oct 08, 2018 |
k |
Re: $8.1b: CBN Raises Mtn’s Hope by Mayour11(m): 7:05am On Oct 08, 2018 |
Hope it's not corruption fighting back here |
Re: $8.1b: CBN Raises Mtn’s Hope by goingsolo: 7:05am On Oct 08, 2018 |
Quaraption in high places will not allow us do d right tin. Why reduce d akpala akpala? 3 Likes |
Re: $8.1b: CBN Raises Mtn’s Hope by Ogaga87(m): 7:06am On Oct 08, 2018 |
blackpanda: Whose debt are we taking about here 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by yjgm(m): 7:07am On Oct 08, 2018 |
CBN under Godwin Emeifele is a joke. Why compromise 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by yjgm(m): 7:09am On Oct 08, 2018 |
blackpanda:Read the storyline na bro 1 Like 1 Share |
Re: $8.1b: CBN Raises Mtn’s Hope by HAH: 7:10am On Oct 08, 2018 |
CBN should be careful with the way they handle foreign companies that came to do business here , there no time we need foreign investment like now when we have a dwindling economy but here they are strangulating, a foreign telecom company and three foreign banks for offence of repatriation of profits. Yes there is regulation in repatriation but it should be handled carefully as it is not theft they way some people say it, if I should invest in Ghana it will be very bad for their government to tell me that I cannot move my profit to my country Nigeria , I imagine how EFCC went to one of the foreign bank to ransack its headquarters as if they stole because of this case Everything about Buhari government is chasing away investors which will surely endanger growth. To be honest for Nigeria economy to prosper we need to send away Buhari out of government as his mission is to wreck Nigeria 5 Likes |
Re: $8.1b: CBN Raises Mtn’s Hope by Justiceleague1: 7:15am On Oct 08, 2018 |
blackpanda: Shut up,thank you. |
Re: $8.1b: CBN Raises Mtn’s Hope by drlaykay(m): 7:16am On Oct 08, 2018 |
yjgm:He almost confused what I understood from the writeup |
Re: $8.1b: CBN Raises Mtn’s Hope by Dajugba: 7:23am On Oct 08, 2018 |
The most reason Nigeria is like a retard nation is due to the facts when laws are broken by big companies or influential leaders, the law is made to pardon them. This why corruption cannot leave this nation.. Will mtn try this nonsense from South Africa and not face the outcome of the consequence? Or are they not enlighten about the law? They actually are. It is because they know they have a shit hole president who knows nothing about rules of laws and not business inclined. As long the president is concerned money will come to the nation. 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by FarahAideed: 7:25am On Oct 08, 2018 |
Umueme: Shut up how did they eat your money ? Didn't take calls ? Why didn't you port to another network .. 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by Korofoh: 7:33am On Oct 08, 2018 |
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Re: $8.1b: CBN Raises Mtn’s Hope by Realname: 7:38am On Oct 08, 2018 |
Dajugba: Very well said |
Re: $8.1b: CBN Raises Mtn’s Hope by giztzone(m): 7:48am On Oct 08, 2018 |
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Re: $8.1b: CBN Raises Mtn’s Hope by abdulwizzy(m): 8:06am On Oct 08, 2018 |
blackpanda: Some people will just rush to comment while thinking from there anus. Read and understand you wont. |
Re: $8.1b: CBN Raises Mtn’s Hope by grandstar(m): 8:31am On Oct 08, 2018 |
HAH: Multinational should be able to repatriate their profits 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by blackpanda: 8:58am On Oct 08, 2018 |
abdulwizzy: why are u insultying me. if you get blocked now u will say am wicked. Pls go and learn manners |
Re: $8.1b: CBN Raises Mtn’s Hope by Xisnin(m): 9:30am On Oct 08, 2018 |
blackpanda:It is not a debt. The money belongs to MTN. The disagreement is about the repatriation. 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by Xisnin(m): 9:32am On Oct 08, 2018 |
Umueme: MTN owns the money. What they did wrong was remove it from the Nigerian economy. This is not government money. |
Re: $8.1b: CBN Raises Mtn’s Hope by blackpanda: 9:40am On Oct 08, 2018 |
Xisnin: Please dont quote if you dont understand my comment |
Re: $8.1b: CBN Raises Mtn’s Hope by NothingDoMe: 10:59am On Oct 08, 2018 |
HAH:Well said |
Re: $8.1b: CBN Raises Mtn’s Hope by NothingDoMe: 11:01am On Oct 08, 2018 |
blackpanda:What he said is the truth there's no need to get defensive. |
Re: $8.1b: CBN Raises Mtn’s Hope by Xisnin(m): 11:22am On Oct 08, 2018 |
blackpanda:You should have added "don't quote" at the end when you mentioned debt cancellation. |
Re: $8.1b: CBN Raises Mtn’s Hope by longjon: 11:25am On Oct 08, 2018 |
NothingDoMe: The mumu is even trying to argue. 1 Like |
Re: $8.1b: CBN Raises Mtn’s Hope by blackpanda: 11:35am On Oct 08, 2018 |
NothingDoMe: Shut up and mind your business. Busybody |
Re: $8.1b: CBN Raises Mtn’s Hope by NothingDoMe: 11:36am On Oct 08, 2018 |
blackpanda:Lol. In your very own words: blackpanda: |
Re: $8.1b: CBN Raises Mtn’s Hope by GetCofOProperty: 6:01pm On Oct 08, 2018 |
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