Nigerian central bank demands repatriation of $8 billion

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: