The Central Financial institution of Nigeria (CBN) has ordered four banks specifically Citibank, Diamond Financial institution, Customary Chartered financial institution and Stanbic-IBTC, to pay a complete sum of N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some offshore buyers of MTN Nigeria Communications Restricted.
The apex financial institution has additionally written to MTN, asking it to refund $eight billion to the coffers of the central financial institution.
Customary Chartered Financial institution acquired the best superb of N2.four billion. Stanbic IBTC Nigeria was fined N1.eight billion. Citibank Nigeria bought a superb of N1.2 billion and Diamond Financial institution was directed to pay the sum of N250 million for violating extant guidelines.
In accordance to CBN’s director, company communications, Isaac Okoroafor, the superb was mandatory after allegations of remittance of international alternate with irregular certificates of capital importation issued on behalf of some offshore buyers of MTN Nigeria Communications Restricted and subsequent investigations carried out by the apex financial institution in March 2018. Okoroafor stated the investigations revealed that the sum of $3,448,119,321.72 was repatriated by Customary Chartered Financial institution on the premise of the illegally issued CCIs.
Equally, he stated the sums of $2,632,005,623.78, $1,766,263,212.75 and $348,914,501.30 had been repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Financial institution Plc, between 2007 and 2015.
He stated the CBN had directed the affected banks to instantly refund the respective sums to the CBN.