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  MTN, whose debt stands at around 57 billion rand ($3.7 billion), has said the CBN’s allegations are without merit and it would hold talks with authorities to defend its position. Moody’s, which already has junk rating on MTN debt at Ba1, said without the refund, demand and the potentia usatimes.cc l tax shortfall MTN would be able to repay approaching debt maturities over the next 12 to 18 months. News of the unexpected tax bill had sent MTN shares tumbling by as much as 7.5 per cent to an almost 10-year low. This is the second time MTN Nigeria would be running into troubled waters with the Nigerian government since it began operations in Nigeria 17 years ago. In October 2015, the telecoms giant was fined N1.04 trillion by the Nigerian Communications Commission (NCC) for failing to disconnect around 5.1 million subscribers from its network for not having been registered as of September 2015, as prescribed by the reg usanews.cc ulatory agency. The total sum was based on a fine

  CContrary to speculation in some quarters that the Central Bank of Nigeria (CBN) might soften the sanctions it imposed on four banks for helping MTN Nigeria Communications Limited illegally repatriate funds, the apex bank has debited the lenders’ ac-counts with the huge fines it slammed on them for the violation, New Telegraph learnt yesterday The regulator had, last week, announced that it had fined Standard Chartered Bank N2.4 billion; Stanbic IBTC, N1.8 billion; Citibank, N1.2billion and Diamond Bank, N250 million for allegedly assisting the telecoms giant to illegally move $8.13 billion abroad. It also ordered the lenders and MTN to immediately refund the repatriated sum. Following the public announcement of the fines, the four lenders had separately issued statements, indicating that they were prepared to engage with the CBN to resolve the issue. However, New Telegraph gathered from a reliable source at the CBN that the banking watchdog had debited the accounts of the affected

  CContrary to speculation in some quarters that the Central Bank of Nigeria (CBN) might soften the sanctions it imposed on four banks for helping MTN Nigeria Communications Limited illegally repatriate funds, the apex bank has debited the lenders’ ac-counts with the webapex.net huge fines it slammed on them for the violation, New Telegraph learnt yesterday The regulator had, last week, announced that it had fined Standard Chartered Bank N2.4 billion; Stanbic IBTC, N1.8 billion; Citibank, N1.2bi westernmagazine.org llion and Diamond Bank, N250 million for allegedly assisting the telecoms giant to illegally move $8.13 billion abroad. It also ordered the lenders and MTN to immediately refund the repatriated sum. Following the public announcement of the fines, the four lenders had separately issued statements, indicating that they were prepared to engage with the CBN to resolve the issue. However, New Telegraph gathered from a reliable source at the CBN that the banking watchdo

  CContrary to speculation in some quarters that the Central Bank of Nigeria (CBN) might soften the sanctions it imposed on four banks for helping MTN Nigeria Communications Limited illegally repatriate funds, the apex bank has debited the lenders’ ac-counts with the huge fines it slammed on them for the violation, New Telegraph learnt yest usatimes.cc erday The regulator had, last week, announced that it had fined Standard Chartered Bank N2.4 billion; Stanbic IBTC, N1.8 billion; Citibank, N1.2billion and Diamond Bank, N250 million for allegedly assisting the telecoms giant to illegally move $8.13 billion abroad. It also ordered the lenders and MTN to immedi usanews.cc ately refund the repatriated sum. Following the public announcement of the fines, the four lenders had separately issued statements, indicating that they were prepared to engage with the CBN to resolve the issue. However, New Telegraph gathered from a reliable source at the CBN that the banking watchdog had debi