Chinwendu Obienyi
Following a subsisting order from the Central Bank of Nigeria (CBN) to Africa’s telecommunication giant, MTN to repatriate the $8.1 billion allegedly remitted abroad, experts have urged the Federal Government to exercise caution and tact in dealing with the situation.
The financial experts who made their views known in separate interviews with Daily Sun also called on the government to set up an independent panel to investigate the issue with the right group of individuals who will be able to study the tactics of foreign investors and design a method to avoid
cheating or breaching of the rules.
The CBN had said MTN repatriated the money based on illegally issued Certificates of Capital Importation (CCIs) with the ‘connivance’ of Standard Chartered Bank, Stanbic IBTC, Citibank and Diamond Bank between 2007 and 2015.
The apex bank said the transaction was a “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria,…
Read More…..The Sun News
