{"id":26007,"date":"2018-08-31T13:49:39","date_gmt":"2018-08-31T12:49:39","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=26007"},"modified":"2018-08-31T13:49:39","modified_gmt":"2018-08-31T12:49:39","slug":"8-1bn-refund-bankers-move-to-save-mtn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/8-1bn-refund-bankers-move-to-save-mtn\/","title":{"rendered":"$8.1bn refund: Bankers move to save MTN"},"content":{"rendered":"

Chief executives of commercial banks in the country may have initiated moves to stave off the collateral consequences of MTN Nigeria\u2019s, refund of $8.1billion, said to have been illegally repatriated by it in over nine years.<\/p>\n

Access Bank Chief Executive, Herbert Wigwe, who gave the hint to Reuters, Thursday said although his bank has a minor holding at MTN group level and was not exposed to the telecoms firm in Nigeria, the banking industry would hold its regular Bankers Committee meeting soon to discuss MTN\u2019s repayment of $8.1 billion, on the orders of the CBN.<\/p>\n

Wigwe said he expected a resolution on the matter as the regulator would want to avoid a systemic banking crisis given that the repayment of $8.1 billion, which is about half of MTN\u2019s market capitalisation could threaten its Nigerian bankers.<\/p>\n

Separately, Access Bank and other lenders to 9mobile have taken a 25 percent loan loss as part of sale negotiations with new investor Teleology Holdings, he told an analysts\u2019 call<\/p>\n

Nigerian bank chiefs usually hold regular consultative policy meetings with the Central Bank of Nigeria where critical decisions bordering on safe operating environment are discussed.<\/p>\n

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This was as MTN Nigeria yesterday, stated that all dividends paid to its shareholders between 2007 and 2015 were approved by the Central Bank of Nigeria (CBN).<\/p>

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Reacting to Wednesday\u2019s sanction by the CBN that it illegally converted shareholder loans to preference shares and repatriated $8.1 billion as dividends during the period under scrutiny, the firm stated \u201cMTN 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.<\/p>\n

The company however assured it would \u201cengage with the relevant authorities and vigorously defend our position on this matter and provide further information when available\u201d.<\/p>\n

In 2015, the Nigerian government fined MTN N1 trillion for failing to deactivate unregistered lines, but the penalty was negotiated down to N330 billion out of which Abubakar Malami, the attorney-general of the federation, said his ministry paid N500 million to lawyers for helping with negotiations.<\/p>\n

 <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/p>","protected":false},"excerpt":{"rendered":"

Chief executives of commercial banks in the country may have initiated moves to stave off the collateral consequences of MTN Nigeria\u2019s, refund of $8.1billion, said to have been illegally repatriated by it in over nine years. Access Bank Chief Executive, Herbert Wigwe, who gave the hint to Reuters, Thursday said although his bank has a …<\/p>\n","protected":false},"author":6,"featured_media":25715,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[4420],"coauthors":[2391],"class_list":["post-26007","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-bankers"],"yoast_head":"\n$8.1bn refund: Bankers move to save MTN - National Wire<\/title>\n<meta name=\"description\" content=\"Chief executives of commercial banks in the country may have initiated moves to stave off the collateral consequences of MTN Nigeria\u2019s, refund of $8.1billion, said to have been illegally repatriated by it in over nine years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/8-1bn-refund-bankers-move-to-save-mtn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$8.1bn refund: Bankers move to save MTN - 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