Nioma banner Fidelity bank banner Bayelsa State banner
CBN orders suspension of dividend payment from Nigeria MTN

By News Express on 24/10/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 972


The Central Bank of Nigeria (CBN) has ordered the suspension of MTN Group dividend payment from the Nigerian subsidiary of the telecommunications giant, until further notice.

Addressing the latest developments on the alleged illegal repatriation of $13.97 million by the Group, MTN said the CBN had ordered the four commercial banks operated by MTN to suspended dividend payout from Nigeria.

The Company’s Executive Officer Fedi Moolman, had last week admitted that the telecommunications giant moved funds out of Nigeria without obtaining a certificate of capital importation (CCI).

He told the Nigerian Senate that the action to move the funds was taken without any deliberate intention to flout Nigerian laws but was rather compelled to do so because of circumstances, which he said made it impossible for it to observe the 24-hour provision in the Act for issuance of certificate of capital importation.

A statement from MTN read, “In the interim, the CBN has instructed the banks to suspend any remittance of dividends until further notice. MTN Nigeria continues to refute the allegations that MTN Nigeria had improperly repatriated funds from Nigeria.

“Consequently, MTN Nigeria will strongly defend any action that would be prejudicial to its interest. MTN Nigeria has no intention to make any dividend payments over the next six months.”

The Nigerian Senate had last month alleged that MTN in connivance with the Minister of Trade and Investment, Okechukwu Enelamah, and four commercial banks; Standard Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank exploited the porous Nigerian financial system to move the money out of the country without the required authorisation.

The Senate began public hearing on the matter last week. (TV360 Nigeria)

•Photo shows CBN Headquarters.

Source News Express

Posted 25/10/2016 04:49:18 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Girl-child education key to reducing VVF, maternal mortality...

Team Freedom throws weight behind 2Face, rouses Nigerians...

Senate throws weight behind takeover of Arik airline...

Court sentences 6 journalists to life imprisonment over...

Uphold professional code of ethics, Ukah tells journalists...

20 suspected cult members nabbed in Akwa Ibom...

NIMASA set to acquire more fast intervention vessels...

Army recalls over 3,000 soldiers sacked in connection...

Anambra NDLEA seeks judges’ cooperation to fight drug...

N3b Nollywood Grant: WHY WE’RE KEEPING ASSESSORS’ NAMES...

UTME: JAMB, Army strike deal on security; troops...

Anambra loses ex-Speaker

 

Latest News Boko Haram overruns Nigerian military base in second attack in days Lagos may vanish in 2050, warns NCF EFCC taunts Fayose on Twitter, warns of imminent arrest Governor-elect Fayemi unfolds agenda for Ekiti NYSC certificate Saga: SERAP demands explanation from Finance Minister Kemi Adeosun Abandoned Toll Gate: Group slams N1bn suit on Kano, FG over casualties Senate, Reps have no power to suspend me – Omo-Agege Pastor Okotie declares intention to run for 2019 presidency NIMC requires N150bn to enroll every Nigerian – DG Ekiti Election: Fayemi’s triumph a victory for the people — Tinubu Guber Election Victory: Governor Sani-Bello congratulates Fayemi, lauds Ekiti people FG saves over N218bn on personnel cost through IPPIS since inception — Official

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (360,908 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (357,729 views) Shameless Genevieve Nnaji exposes breasts in public (286,049 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (234,690 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (213,870 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,170 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (185,902 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (167,914 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (155,992 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,245 views) Lagos plane crash: Journalist releases victims’ names (147,172 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,452 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,339) Business Verdict (45) Columnists (886) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (284) International (2,127) Interview (157) Live Commentary (28) Love Matters (127) News (37,133) Opinion (1,021) Pidgin (10) Politics (5,565) Religion (783) Sports (1,608) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

'I Am In Severe Pain' Fayose Breaks Down In Tears At...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement