$8.1bn scandal: CBN working with MTN to resolve crisis- Minister

Minister of Finance, Zainab Ahmed, says the Central Bank of Nigeria (CBN) is working closely with MTN to resolve $8.1bn issue which the CBN accused the telecom firm of repatriating illegally out of Nigeria.

Recall that the Central Bank of Nigeria recently sanctioned MTN and four commercial banks within the country, asking the telecommunications giant to refund $8.1billion for allegedly issuing irregular certificates of capital importation (CCIs).

Ahmed who disclosed this while speaking at the 24^th Nigerian Economic Summit in Abuja on Tuesday, said the federal government sanctions on MTN, was damaging for Nigeria and must be resolved as soon as possible.

Ahmed said some of the positions of the government was taken, so big businesses and investors don’t take regulators for granted.

“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.”

The minister assured investors that there would not be another MTN situation and that no company will be next after MTN.

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

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