CBN's Fine On MTN Is Damaging To Nigeria -Finance Minister
Image: Bubbles Nigeria

The Central Bank of Nigeria (CBN) fine on MTN Nigeria is very damaging to the country, Finance Minister Zainab Ahmed has said.

Concise News had reported that the CBN handed MTN a fine of $10b alongside some banks for allegedly issuing irregular certificates of capital importation (CCIs).

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Speaking at the 24th Nigerian Economic Summit in Abuja on Tuesday, Ahmed said the CBN and MTN are working together towards resolving the matter.

“The MTN incident was a very damaging one for us, that was one of the reasons why we have been out trying to engage investors,” Ahmed said.

“But you see, there is a tendency for big business to take regulations and governments for granted.

“After that incident happened, all the information the CBN has been trying to get in two months actually came. Now, they have almost solved the problem.”

According to her, “We are trying to make sure this doesn’t happen again, we are continuously discussing with monetary authorities.

“There will be no company next after MTN, nobody is next because we can’t afford for this kind of incidence to keep happening.”