Nigeria's central bank head to meet MTN and banks over US$8.1 billion repatriation row: sources

Nigeria's central bank head to meet MTN and banks over US$8.1 billion repatriation row: sources

FILE PHOTO: The logo of MTN is pictured in Abuja, Nigeria September 11, 2018. REUTERS/Afolabi Sotunde/File Photo
LAGOS: Nigeria's central bank governor is to meet representatives of telecommunications company MTN and banks on Tuesday to discuss a dispute over the repatriation of US$8.1 billion, two sources with direct knowledge of the matter said.The dispute is over the transfer of US$8.1 billion of funds which Nigeria's central bank said the company had sent abroad in breach of foreign-exchange regulations.
The people with knowledge of the matter, who did not want to be named, said executives from MTN and the four lenders involved in the case - Standard Chartered , Stanbic IBTC Bank , Citibank and Diamond Bank - would hold talks with Nigerian Central Bank Governor Godwin Emefiele on Tuesday.The move comes days after Emefiele said the bank may reduce the amount to be repatriated.Nigeria, which accounts for a third of the South African company's annual core profit, is MTN's biggest market.(Editing by John Stonestreet and Louise Heavens)
Source: Reuters
 Source : https://www.channelnewsasia.com/news/business/nigeria-s-central-bank-head-to-meet-mtn-and-banks-over-us-8-1-billion-repatriation-row--sources-10807964