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HomeCompany NewsNigerian Bank CEOs To Meet On CBN Sanction Against MTN, Four Lenders

Nigerian Bank CEOs To Meet On CBN Sanction Against MTN, Four Lenders

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Chief executives of Nigeria major banks are to meet soon to discuss the implications of the huge fine imposed on four commercial and the directive of the Central Bank of Nigeria (CBN) that South African telecoms firm MTN returns $8.1 billion illegally transferred outside the country.
The discussion is expected to hold under forum of Bankers’ Committee Meeting, which comprises top CBN officials and banks chiefs executives. No date has been agreed for such meeting yet.
Chief executive of Access Bank Plc, Herbert Wigwe, who revealed this said his bank has a minor holding at MTN group level but was not exposed to the telecoms firm in Nigeria.
Nigeria’s central bank on Wednesday imposed 5.87 billion naira fine on four banks, for their role in helping MTN transferred the money out of Africa’s biggest economy.
The banks fined are; Standard Chartered was fined 2.4 billion naira, Stanbic IBTC Bank 1.8 billion naira, Citibank 1.2 billion naira and Diamond Bank 250 million naira.
The regulatory bank accused the four commercial lenders of aiding the illegal remittance of foreign exchange to offshore investors of MTN Nigeria Communications Limited.Wigwe said he expected a resolution on the matter as the regulator would want to avoid a systemic banking crisis.
A repayment of $8.1 billion, is half of MTN’s market capitalisation, and could threaten its Nigerian lenders.
Separately, Access Bank and other lenders to 9mobil e have taken a 25 percent loan loss as part of sale negotiations with new investor Teleology Holdings, he told an analysts’ call.

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