MTN Answers Nigeria’s CBN – You Approved The Funds Repatriated



MTN Nigeria Communications Limited, received a letter on 29 August 2018 from CBN alleging that CCIs issued in honor of the change of shareholders loans in MTN Nigeria to preference shares in 2007 had inappropriately issued. As a consequence, they insist that historical dividends repatriated by MTN Nigeria within 2007 and 2015 amounting to $8.1 billion need to refunded to CBN.



MTN Nigeria strongly refutes these allegations and claims. No dividends have been reported or paid by MTN Nigeria other than under CCls issued by our bankers and with the approval of the CBN as required by law.

The issues surrounding the CCIS have already been the subject of a thorough inquiry by the Senate of Nigeria. In September 2016 the Senate mandated the Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange Act by MTN Nigeria and Others. In its report published in November 2017, the findings evidenced that MTN Nigeria did not conspire to hinder the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.

As a law-abiding resident, MTN Nigeria is bound to good governance and to living by the existing laws of the Federal Republic of Nigeria. Re-emergence of these problems is regrettable as it destroys investor confidence and, by extension, including the expansion of the Nigeria economy.

They will engage with the relevant authorities and vigorously defend our position on this matter and give further information when available.

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