CBN Boss, Banks, MTN To Meet Over Fund Repatriation Impasse
Image: Bubbles Nigeria

The Governor of the Central Bank of Nigeria Godwin Emefiele will meet with officials of telecom firm MTN as four other banks on Tuesday.

This is to discuss on current impasse between the parties over the repatriation of $8.1bn, a source told Reuters.

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The CBN had said that MTN breached foreign exchange regulations during the transfer.

Concise News had earlier reported Emefiele as saying the CBN may slash the money it ordered MTN to repatriate.

Emefiele said this on Sunday in London while addressing reporters.

“I don’t think it will be staying at $8.1bn,” he said.

“I want to believe that the figure will reduce. Whether it will be dropped completely, I honestly cannot say at this time.”

According to him, the apex bank has received two documents from MTN and the four lenders involved in the case some weeks back.

He added that “The central bank will be examining these, then it will be escalated up to my level.”

Both parties have been locked in a legal battle since the CBN called for the repatriation of the said fund.