“We welcome all investors” – CBN seeks redress over experts’ concerns on CCI, MTN saga
The Central Bank of Nigeria has reacted to concerns by economic and financial experts that its clampdown on telecoms giant MTN and four commercial banks would likely damage the prospects of foreign investors doing business with Nigeria.
CBN claims that MTN illegally repatriated over $8 billion based on “illegally issued” Certificates of Capital Importation (CCIs) by four commercial banks in the country.
The four commercial banks: Stanbic IBTC, Standard Chartered Bank Nigeria, Citibank and Diamond Bank were fined N1,885,852,847.45, N2,470,604,767.13, N1,265,541,562.31 and N250 million respectively.
MTN has maintained it didn’t breach any of the country’s financial laws and the case has been taken to court.
Many experts have said the Federal Government and CBN have not been tactful in handling the issue, expressing fear that it may have damaging effect on investors’ trust in the country’s policies.
CBN has, in a statement through its Director of Corporate Communications, Isaac Okorafor on Wednesday, said it does not intend to ruin the country’s relationship with foreign investors.
The apex bank said that the CCI, which experts say does not provide much of a clarity, “was done to instill confidence in the investor community and encourage the flow of foreign direct and investments into the Nigerian economy.”
While maintaining that it sanctioned MTN and the commercial banks over the alleged repatriation, CBN further said it was working with the concerned parties to amicably resolve the issues.
“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution,” it said.
It further assured all investors “that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.
“The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria,” the statement said.
