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Ejiofor Alike with agency reports
The Central Bank of Nigeria (CBN) and telecoms giant, MTN, have reached a tentative agreement on the $8 billion fines the apex bank imposed on the Nigerian subsidiary of the company, MTN Nigeria, for violating currency regulations, THISDAY learnt last night.
According to reliable sources, the MTN Group CEO and President, Mr. Rob Shuter, was in Abuja yesterday and met with the CBN Governor, Mr. 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 telecoms a substantial reduction in the fines.
Following the deal, the apex bank is…
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