The Central Bank of Nigeria (CBN) and MTN have reached a tentative agreement on the US$ 8 billion fines imposed on MTN Nigeria for violating currency regulations, ThisDay reported. It cited sources as saying that MTN Group CEO and President Rob Shuter was in Abuja on 08 November and met with CBN Governor Godwin Emefiele to discuss the fines, which the South African Reserve Bank (SARB) has said could increase the risks to the country’s financial system.
Based on unassailable findings, said a source, there was an agreement that the CBN would grant the firm a substantial reduction in the fines. Following the deal, the apex bank was due to meet with the four banks affected by the fines on 09 November. Agencies had reported that CBN emailed invitations on 08 November to the Nigerian heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank to attend a meeting.
The agencies had said the CBN and the banks declined to comment on the meeting, and that a spokeswoman for MTN said she did not know of the proposed meeting.
In a separate case, MTN faces a US$ 2 billion tax demand from Nigeria’s Attorney-General, which the firm has said is without merit. The Lagos court yesterday adjourned the case against the attorney general until 03 December.