Nigerian central bank demands repatriation of $8 billion
CBN says South African firm and local banks illegally transferred funds outside country
The Central Bank of Nigeria demanded that the local subsidiary of a South African firm, and four banks that worked for it, repatriate over $8 billion that it said had been illegally transferred out of the country.
The CBN accused Johannesburg-based telecoms company MTN of transferring the money abroad in breach of Nigeria’s foreign exchange regulations. MTN strongly denied the central bank’s charges in an official statement.
The company said the “re-emergence of these issues is regrettable as
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