Like many economic experts, ATCON seeks CCI clarity over CBN, MTN saga
The Association of Telecoms Companies of Nigeria (ATCON), like many economic and financial experts, has called on the Central Bank of Nigeria (CBN) to provide clarity on processing of CCIs (Certificate of Capital Importation).
The apex bank is currently in a battle with MTN Nigeria after accusing the telecommunications company of illegally repatriating over $8 billion based on “illegally issued” CCIs by four commercial banks in the country.
MTN has maintained that it hasn’t breached any financial law.
ATCON, while maintaining that the CBN has no powers to order MTN Nigeria to refund the money, also said the processing of CCIs is shrouded in confusion.
The group’s president, Oulsola Teniola echoed experts’ sentiments that potential investors could be discouraged about doing business with Nigeria with the way CBN has handled the matter.
“Clarity, transparency and continued dialogue among CBN, the banks and MTN to amicably resolve this matter in the interest of the wider stakeholder community, especially, potential investors closely watching developments on this issue,” he said.
“At the moment, processing of CCIs (Certificate of Capital Importation) is shrouded in confusion in what should be a relatively straight forward process in between the banks and CBN their regulator.”
Teniola further said “It is very important to note that the figure referred to has almost been fully paid by MTN and that the $8.1billion doesn’t belong to CBN but belongs to MTN. So, on this basis, it is hard to understand what CBN seeks (to achieve) by its demands on MTN that it doesn’t have regulatory oversight over.”
The Nigerian Communications Commission has already said it will strive to ensure that there is an amicable resolution between the government and MTN.
