The Central Bank of Nigeria last month ordered MTN Nigeria to refund the $8.1 billion it had moved illegally out of the country with the help of Standard Bank Group, Diamond Group, Citibank and Standard Chartered. The banks were fined various amounts for their involvement in the repatriated funds.
Fresh revelations indicate that the order was based on information from a whistleblower which then led to investigations, the Nigerian attorney general said.
The telco company has denied moving the money illegally, claiming that “all dividend repatriation out of Nigeria was done on the basis of equity capital and with valid certificates.”
MTN has also said it will “vigorously defend its position” on the matter and the order was “regrettable.” This order adds to a series of setbacks the company has been dealing with such as the payment of a penalty of $1 billion and the decrease in its share price.
According to premiumtimesng.com, Standard Chartered, Stanbic Bank, Citibank, and Diamond Bank were ordered to refund $6.9 million, $5.2 million, $3.5 million, and about $700,000 respectively.