What MTN, FG Debacle Would Do To Nigeria - UK, US
Image: Bubbles Nigeria

The MTN Group Limited is nearing a deal with the Central Bank of Nigeria (CBN) over the alleged  $8.1bn illegally taken out of the county.

According to Bloomberg, the settlement might be reached on Monday with the source saying that no one has been allowed to speak on the matter publicly.

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A further report shows that the CBN will meet the four lenders of MTN Nigeria to discuss a dispute over an $8.1bn fund transfer, a banking source told Reuters.

The CBN emailed invitations on Thursday to the Nigeria Heads of Standard Chartered, Citibank, Stanbic IBTC Bank and Diamond Bank, to attend a meeting on Friday, the source noted.

However, the apex bank has not commented on the said meeting on Friday.transfer.

In August, the CBN had alleged that MTN and four of its banks – Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc – illegally repatriated $8.1bn from Nigeria while the office of the Attorney General of the Federation claimed the company failed to remit $2bn back taxes.

The CBN also handed a fine of N5.87bn on the four banks for allegedly remitting dividends with irregular Certificates of Capital Importation on behalf of MTN Nigeria between 2007 and 2015.