Confusion, suspected mischief, surround CBN’s hounding of MTN
The ongoing saga involving the Central Bank of Nigeria and MTN Nigeria is a reflection of the confusion, and suspected mischief, that surrounded the initial fine imposed on the network provider about three years ago.
When MTN, in 2016, produced a document of a proposed N300 billion payment plan as agreed with the Federal Government led by Attorney General of the Federation, Abubakar Malami (SAN), all hell was let loose.
The Nigerian Communications Commission (NCC) claimed it was sidelined by the FG and Malami, as N50 billion, indicating only six per cent of the N780 billion fine imposed on the telecommunications company by NCC, was paid into the FG’s recovery account.
Minister of Communications, Mr. Adebayo Shittu, as well as NCC executive vice chairman, Prof. Umar Dambatta claimed they were unjustly left out of the process of payment. All parties involved dragged themselves before a Senate Committee on Communications.
In the recent saga, CBN claims it resolved to sanction four commercial banks and MTN following investigations into allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of the telco company.
MTN has denied any wrongdoing, claiming that the apex bank duly approved all dividends it paid to its shareholders between 2007 and 2015. The Nigerian Senate had also exonerated the company from breaching foreign exchange laws when the matter was initially raised.
At the time when Senator Dino Melaye alerted the National Assembly on how MTN allegedly repatriated about $12 billion out of the country over a 10-year period, Nigeria was battling with the economic recession in the face of low crude oil price.
It remains to be seen whether CBN’s clampdown on the network provider is justifiable, more so, as the FIRS and Nigeria Customs Service have distanced themselves from the saga.
