{"id":26527,"date":"2018-09-20T18:25:13","date_gmt":"2018-09-20T17:25:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=26527"},"modified":"2018-09-20T18:25:13","modified_gmt":"2018-09-20T17:25:13","slug":"cbn-to-review-sanctions-placed-on-mtn-four-banks","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/cbn-to-review-sanctions-placed-on-mtn-four-banks\/","title":{"rendered":"CBN To Review Sanctions Placed On MTN & Four Banks"},"content":{"rendered":"

The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks.<\/p>\n

In a statement released Wednesday, September 19, 2018, the apex bank said the parties involved have submitted fresh documents in response to the sanctions. CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.<\/p>\n

It had also ordered four banks, Diamond Bank, Standard Chartered Bank, Stanbic IBTC and Citibank, to pay a fine of N5.87 billion.<\/p>\n

“The recent sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns,” the statement signed by Isaac Okorafor, CBN\u2019s spokesman, read.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable solution.”<\/p>\n

The apex bank assured foreign investors that there will be no retroactive application of foreign exchange rules and regulations. “We assure all investors that the integrity of the CCI regime remains sacrosanct,” the bank said.<\/p>\n

Photo Caption: Godwin Emefiele, Central Bank Governor<\/em><\/strong><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks. In a statement released Wednesday, September 19, 2018, the apex bank said the parties involved have submitted fresh documents in response to the sanctions. CBN had ordered MTN to refund $8.1 billion which it claimed …<\/p>\n","protected":false},"author":6,"featured_media":26229,"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":[36,647],"coauthors":[2391],"class_list":["post-26527","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-cbn","tag-mtn"],"yoast_head":"\nCBN To Review Sanctions Placed On MTN & Four Banks - National Wire<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks.\" \/>\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\/cbn-to-review-sanctions-placed-on-mtn-four-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN To Review Sanctions Placed On MTN & Four Banks - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria, CBN, says it is reviewing the recent sanctions placed on MTN and four commercial banks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/cbn-to-review-sanctions-placed-on-mtn-four-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-20T17:25:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/cbn-to-review-sanctions-placed-on-mtn-four-banks\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/3ab1ccf6-download.jpg\",\"width\":800,\"height\":437,\"caption\":\"A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016. 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