michlins:
Na so ima refute the NCC fines and later paid. All these initial reaction na wash.

One thing I know about this government is that once they are put to get you, you are a goner

MTN Nigeria, as a law-abiding citizen of Nigeria

amazingspiderma:


Thrash, MTN is bigger than Buhari, take that to the bank.

hisgrace090:
What is wrong with one sending his gain back to his place?

michlins:
the problem with some of you is that you deliberately belittle the power of the executive branch of the government but when you feel the wrath, you shout tyranny.

Mtn denied the 1.2trn yet they are paying it

PeJ pleaded with Efcc

Ipob and her leadership said Buhari can do nothing to the movement but we know the outcome. Hundreds dead and after calls to the UN nothing came out of it

Buhari is a military man with the will to wield the executive power and nothing you or anyone can do about it than to get your voters card ready and wait for him at the pools

Good night

new2012:


They paid because they don't have a choice.. And guess what, it's the citizen that will take the burden, it will be transferred immediately...

Before the fine, was mtn zapping ur data crazily? Let's be realistic, the government and her people are useless, they only punish the citizenry.

Even if u force mtn out of the country, who will loose? U 'indigenize' the company, it crashed gradually and in 5 years, it's dead, who loose? We go back to begging companies capable to come to the country?

I saw somewhere and I do not endorse the statement that " are you sure the owner of glo uses glo?" Never seen a glo subscriber not 'in pains' like Fayose. NTEL is sometimes offline for days.. Which one is local and performing optimally

donvicky2007:


Send it through the right channel and with the right certificate of capital important (CCIs) from the Apex bank .

post=70760217:


“MTN Nigeria strongly refutes these allegations and claims.

“No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” he said.

Aina said that the issues surrounding the CCIs had already been the subject of a thorough enquiry by the Senate of Nigeria.

He added that in September 2016 the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria & Others.

He said that in its report issued in November 2017, the findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

“MTN Nigeria, as a law-abiding citizen of Nigeria, is committed to good governance and to abide by the extant laws of the Federal Republic of Nigeria.

“The re-emergence of these issues is regrettable as it damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy.

“We will engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available.

CBN’s spokesperson, Isaac Okorafor, said the apex bank has written MTN Nigeria demanding a refund of the $8.13 billion, repatriated.

The Bank resolved to sanction the commercial banks following investigations in March 2018, which confirmed allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria.

ThierryJay:
Why should the CBN demand that the $8.3bn be refunded to it? Is the CBN the owner of the money? Even if illegally repatriated, the best CBN can do is to ask them to bring the funds back into the Nigerian financial system as the money is MTN's profits.

That being said, CBN's action has the potential of severely damaging investor confidence in Nigeria. Investors would simply perceive that the Nigerian Government is not faithful to its promises to investors as they can reverse the benefits at any time. So why should they bother coming in at all? Investors are told that there is no limit to the amount of profits they can repatriate out of Nigeria to the extent that they have a Certificate of Capital Importation (CCI) for their initial investment. If MTN obtained a CCI before, which is usually generated by Commercial Banks, why is the CBN now saying that the CCI is not valid, when it was the Nigerian financial system that issued it? Why should MTN be penalized for that?

CBN should have a proper rethink and consider the wider ramifications of this move on FDI attraction as it appears to simply be a witch-hunting attempt.