{"id":175,"date":"2018-10-09T07:35:00","date_gmt":"2018-10-09T07:35:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/10\/09\/mtn-getting-soft-landing-over-81b-crisis\/"},"modified":"2018-10-09T07:35:00","modified_gmt":"2018-10-09T07:35:00","slug":"mtn-getting-soft-landing-over-81b-crisis","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/mtn-getting-soft-landing-over-81b-crisis\/","title":{"rendered":"MTN getting soft landing over $8.1b crisis"},"content":{"rendered":"
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The crisis over the inappropriate repatriation of $8.1 billion by telecom giant, MTN, is heading for amicable settlement.<\/u><\/u><\/div>\n
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The Central Bank of Nigeria (CBN) has said it is expecting the issue to be dealt with \u201camicably and equitably\u201d.<\/u><\/u><\/div>\n
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The bank is likely to reduce the $8.1billion it ordered MTN Nigeria to return to Nigeria as negotiation on the disagreement reaches it peak.<\/u><\/u><\/div>\n
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The CBN governor, Mr Godwin Emefiele, is reported to have said in London: \u201cI don\u2019t think it will be staying at $8.1 billion.\u201d<\/u><\/u><\/div>\n
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“I expect the issue to be dealt with amicably and equitably. I want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time.\u201d<\/u><\/u><\/div>\n
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CBN and MTN have been in a dispute over the transfer of $8.1 billion of funds which the bank said the company sent abroad in breach of foreign-exchange regulations.<\/u><\/u><\/div>\n
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The Bank had also imposed a N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged illegal remittance of foreign exchange to offshore investors of MTN Nigeria Communications Limited.<\/u><\/u><\/div>\n
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This is even as the\u00a0\u00a0CBN has directed MTN to refund 8.13 billion dollars which was illegally repatriated by the company with the aid of the four Nigerian banks.<\/u><\/u><\/div>\n
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The CBN accused the commercial banks of carrying out the transaction without regular \u2018Certificates of Capital Importation (CCIs)\u2019 which is a compulsory pre-requisite for such transactions.<\/u><\/u><\/div>\n
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The CBN Acting Director, Corporate Communications, Department, Mr Isaac Okorafor, described the action of the banks and MTN as \u2018flagrant violation of extant laws and regulations of the Federal Republic of Nigeria,\u201d.<\/u><\/u><\/div>\n
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Giving a breakdown of the imposed fines, Okorafor said Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC, N1.88 billion, Citibank Nigeria, N1.26 billion and Diamond bank, N250 million.<\/u><\/u><\/div>\n
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Okorafor while explaining the banks\u2019 offenses, disclosed that investigations by the CBN revealed that 3.45 billion dollars was repatriated by Standard Chartered Bank on the basis of illegally issued CCIs.<\/u><\/u><\/div>\n
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Similarly, he said the sums of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015.<\/u><\/u><\/div>\n
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He said the CBN had directed the affected banks to pay the fines to the apex bank immediately.<\/u><\/u><\/div>\n
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Okorafor said that \u201cthe CBN investigation further revealed that on account of illegal conversion of MTN shareholders\u2019 loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company.<\/u><\/u><\/div>\n
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He advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions.<\/u><\/u><\/div>\n
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He warned that failure by the management of banks and companies to abide by the existing guidelines, they would be appropriately sanctioned adding that the\u00a0\u00a0sanctions may include denial of access to the Nigerian foreign exchange market.<\/u><\/u><\/div>\n
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More Details:<\/u><\/u><\/div>\n
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CBN\u2019s letter to MTN says:<\/u><\/u><\/div>\n
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Our investigation also revealed the following, among others:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The shareholders of your company invested the sum of $402,590,261.03 in the company from 2001 to 2006;<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank (SCB), Citi Bank (CB) and Diamond Bank (DB);<\/u><\/u><\/div>\n
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iii.\u00a0\u00a0\u00a0\u00a0\u00a0The CCIs issued at the time of the investment by the above banks to your organization in respect of the $402,590,261.03 showed that $59,436,923.44 was invested as shareholders\u2019 loan and $343,153,339.56 as equity;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0However, a review of your organization\u2019s financial statements for the year ended December 31, 2007 revealed that $399,594,146.00 was recorded\/invested as shareholders\u2019 loan and $2,996,117.00 as equity investment, in accordance with the shareholder\u2019s agreement but contrary to the CCIs issued by the banks in (iii) above;<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0Following a request by your organization through Standard Chartered Bank for CBN\u2019s approval to convert the shareholder\u2019s loan to preference shares, an approval-in-principle was granted vide our letter dated November 13, 2007; with the grant of final approval made subject to the fulfillment of the following conditions by your organization.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0\u00a0Implementation of the decision in item 5B of your board resolution dated November 08, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0Provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0In spite of the non-fulfillment of the conditions in (v) above and consequently, the non-issuance of a final approval by the CBN, your organization converted the shareholders\u2019 loan to preference shares with Standard Charted Bank issuing new CCIs in respect of the illegal conversion;<\/u><\/u><\/div>\n
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vii.\u00a0\u00a0\u00a0\u00a0The action of your banker in aiding your organisation in the illegal conversion of the shareholders\u2019 loan was later described by SCB in a letter to the CBN dated December 10, 2009 as an \u201cunintended omission\u201d; and<\/u><\/u><\/div>\n
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viii.\u00a0\u00a0\u00a0On account of the illegal conversion of your shareholders\u2019 loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015.<\/u><\/u><\/div>\n
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\u00a0CBN\u2019s Letter to Standard Chartered bank says:<\/u><\/u><\/div>\n
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Our investigation also revealed the following, among others:<\/div>\n
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\u00a0\u00a0\u00a0\u00a0The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0\u00a0The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB) at the initial stage of the investment.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The CCIs issued at the time of investment by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded\/invested as shareholders\u2019 loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which revealed that $399,594,146.00 was invested as shareholders\u2019 loan and $2,996,117.00 as equity investment, in accordance with the shareholder\u2019s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank subsequently applied to the CBN on behalf of MTN Nigeria Communications Limited for the conversion of the shareholder\u2019s loan to preference shares, for which an approval-in-principle was granted vide our letter dated November 13, 2007 with the grant of final approval made subject to the fulfillment of the following conditions by MTNN:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Implementation of the decision in item 5B of MTN Nigeria Communications Limited board resolution dated November 8, 2007 and submission of documentary evidence to that effect to the Director, Trade and Exchange Department of the Central Bank of Nigeria; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Provision of an undertaking that no remittance for either interest or principal repayment would be made to the shareholders from the date of the loan to the date they were converted to preference shares.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0In spite of the non-fulfillment of the above conditions in (iv) above and consequently, the non-issuance of a final approval by the CBN, your bank issued new CCIs in support of the illegal conversion of the shareholders\u2019 loan to preference shares; an action that was later described by your bank in a letter to the CBN dated December 10, 2009, as an \u201cunintended omission\u201d; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Other findings from our investigation included the following:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank issued three (3) CCIs outside the regulatory 24 hours without the approval of the CBN;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0In contravention of Memorandum 24 (ii) of the Foreign Exchange Manual, which requires that CCIs should be transferred based on customer\u2019s instructions to a bank of the customer\u2019s choice along with the transaction history of the CCI, you provided confirmation to two other banks, Citibank and Diamond Bank, instead of transferring the CCIs to them as required by the Foreign Exchange Manual.<\/u><\/u><\/div>\n
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The two banks on the strength of your confirmation subsequently remitted various sums as dividend for MTN Nigeria Communications Limited at different times; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank failed to issue a letter of indemnity to the CBN against double remittance in respect of ten CCIs transferred by Diamond Bank and Citibank to your bank as required under subsection 5(iii) of Memorandum 24 of the Foreign Exchange Manual.<\/u><\/u><\/div>\n
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Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.<\/u><\/u><\/div>\n
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CBN\u2019s letter to Stanbic-IBTC says:<\/u><\/u><\/div>\n
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Our investigation also revealed the following, among others:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The investment was carried out through the inflow of foreign currency cash transfers and equipment importation, which was evidenced by the CCIs issued by Standard Chartered Bank, Diamond Bank and Citibank, out of which eight of the CCIs totaling $377,216,508.30 were transferred to your bank by Standard Chartered Bank. Consequently, your bank repatriated the sum of $929,051,331.83 as proceeds of divestment from the CCIs valued at $42,704,408.61.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited between 2007 and 2015.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Other findings from our investigation included the following:<\/u><\/u><\/div>\n
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a). Your bank falsely reported thirty five CCIs valued $313,683,925.84 inappropriately as \u201cother purchases\u201d in your MTR 203 returns for February 2008 instead of \u201ccapital importation\u201d;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank issued eight CCIs of $58,359,616.67 in respect of foreign exchange sourced locally as shareholders\u2019 loan. This constituted a contravention of the requirement of Section 15 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and Memorandum 20 (1.3) (iii) of the Foreign Exchange Manual, which stipulate that CCIs should only be issued on capital imported;<\/u><\/u><\/div>\n
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c). Your bank issued eight CCIs for capital inflows in form of machinery outside the 24 hours regulatory requirement of receipt of shipping documents in contravention of paragraph 4.1.1 (IV) of the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2012 to 2013;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0d) Your bank failed to issue a letter of indemnity to the CBN against double remittance in respect of twenty CCIs transferred by Standard Chartered Bank to your bank as required under subsection 5(iii) of Memorandum 24 of the Foreign Exchange Manual; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0e) Your bank repatriated dividends totaling $905,260.20 in respect of CCIs illegally issued on the strength of locally sourced capital.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.<\/u><\/u><\/div>\n
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CBN\u2019s letter to CitiBank says:<\/u><\/u><\/div>\n
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Our investigation also revealed the following, among others:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0The investment was carried out through the inflow of foreign currency cash transfer and equipment importation evidenced by the CCIs issued by your bank, Standard Chartered Bank and Diamond Bank;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The CCIs issued by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded\/invested as shareholders\u2019 loan and $343,153,339.56 as equity at the time of the investment. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which showed that $399,594,146.00 was invested as shareholders\u2019 loan and $2,996,117.00 as equity investment, in accordance with the shareholder\u2019s agreement but contrary to the CCIs issued by your bank, Standard Chartered Bank (SCB) and Diamond Bank (DB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank issued seven (7) CCIs to MTN Nigeria (MTNN) totaling $42,126,803.04 that were subsequently transferred to Standard Chartered Bank Limited at the request of your customer (MTNN) on February 6, 2006, which constituted part of the CCIs that were consequently irregularly re-issued;<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0Four of the CCIs issued by your bank evidencing the inflow of capital imported as cash were issued outside the period of 24 hours allowed by regulation upon the receipt of inflow, in flagrant contravention of Memorandum 22 of the Foreign Exchange Manual;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank failed to comply with extant regulations on the issuance of letter of indemnity to the CBN in addition to forwarding the transaction history of the CCIs to the CBN, as provided in Memorandum 24(5)(ii)(b) of the Foreign Exchange Manual in respect of the CCIs received by your bank from Standard Chartered Bank; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank purchased $535,000,000 on the basis of photocopies of Form \u201cA\u201d bearing the name of Standard Chartered Bank as the applicant bank and the referenced CCIs in contravention of Memorandum 24 (4) (a) of the Foreign Exchange Manual 2006.<\/u><\/u><\/div>\n
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Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matters.<\/u><\/u><\/div>\n
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CBN\u2019s letter to Diamond Bank says:<\/u><\/u><\/div>\n
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Our investigation also revealed the following, among others:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2011 to 2006;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The investment was carried out through the inflow of foreign currency cash transfer and equipment importation, which was evidenced by the CCIs issued by your bank, Citi Bank and Standard Chartered Bank;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0The CCIs issued illegally by your bank along with the other banks in respect of the $402,590,261.03 showed that $59,436,923.44 was recorded\/invested as shareholders\u2019 loan and $343,153,339.56 as equity. This position was, however, contrary to the position in the financial statements of MTN Nigeria Communications Limited for the year ended December 31, 2007, which showed that $399,594,146.00 was invested as shareholders\u2019 loan and $2,996,117.00 as equity investment, in accordance with the shareholder\u2019s agreement but contrary to the CCIs issued by your bank, Citi Bank (CB) and Standard Chartered Bank (SCB). Your action in this regard constituted a rendition of false returns to the Central Bank of Nigeria; and<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0On account of the illegal conversion of the shareholders loan to preference shares (interest free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by your bank and the other banks on behalf of MTN Nigeria Communications Limited, within a period of six years.<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Other findings from our investigation included the following:<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0a) Your bank issued three CCIs in favour of Dantata Investment for the sum of $5million without converting the foreign exchange received into Naira as required by our regulations. On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0A further review of the CCIs also showed that no Form \u201cM\u201d was opened as evidence of the utilization of the FX for the importation of goods (as \u201cNot valid for FX\u201d) into the country;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank remitted the sum of $348,914,501.38 as dividend to MTN Nigeria Communications Limited offshore corporate shareholders without any documentary evidence of the audited account of the company to justify the basis of the payment of the dividend declared and paid by MTNN. This action was a violation of the provision of Memorandum 24(4)(b) of the Foreign Exchange Manual;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank failed to indemnify SCB for losses and\/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006;<\/u><\/u><\/div>\n
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\u00a0\u00a0\u00a0\u00a0Your bank issued three CCIs outside the regulatory 24 hours without the approval of the CBN contrary to provisions of Memorandum 22 of the Foreign Exchange Manual 2006; and<\/u><\/u><\/div>\n
\u00a0\u00a0\u00a0\u00a0Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.<\/u><\/u><\/div>\n
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Upon the conclusion of the investigation, the Committee of Governors of the Central Bank of Nigeria met with the management of your bank and the other banks as well as representatives of MTN Nigeria Communications Limited in Lagos on May 25, 2018. This was to give all the parties fair hearing, towards taking an informed decision on the matter.<\/u><\/u><\/div>\n
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Meanwhile, Emefiele said the CBN had received documents two weeks ago from MTN and four banks.<\/u><\/u><\/div>\n
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\u201cThe central bank will be examining these, then it will be escalated up to my level,\u201d he said, adding he expected to get the results in a couple of weeks.<\/u><\/u><\/div>\n
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The two sides are locked in a court dispute over the transaction. The central bank filed a counter-claim to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money.<\/u><\/u><\/div>\n
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Emefiele said the MTN case was a one-off, and the central bank was not looking at transactions involving any other companies operating in Nigeria.<\/u><\/u><\/div>\n
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\u201cWe respect the sanctity of these companies,\u201d he said.<\/u><\/u><\/div>\n
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Shares in MTN lost almost five per cent over the past week.<\/u><\/u><\/div>\n
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Emefiele also said the CBN would continue to intervene in the foreign exchange markets, adding that he believed in a stable exchange rate regime.<\/u><\/u><\/div>\n
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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The crisis over the inappropriate repatriation of $8.1 billion by telecom giant, MTN, is heading for amicable settlement. The Central Bank of Nigeria (CBN) has said it is expecting the issue to be dealt with \u201camicably and equitably\u201d. The bank is likely to reduce the $8.1billion it ordered MTN Nigeria to return to Nigeria as […]<\/p>\n","protected":false},"author":1,"featured_media":1083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[80],"class_list":["post-175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-finance","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nMTN getting soft landing over $8.1b crisis - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/mtn-getting-soft-landing-over-81b-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MTN getting soft landing over $8.1b crisis - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The crisis over the inappropriate repatriation of $8.1 billion by telecom giant, MTN, is heading for amicable settlement. The Central Bank of Nigeria (CBN) has said it is expecting the issue to be dealt with \u201camicably and equitably\u201d. 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