Business CBN Halts Payment of MTN Dividend Till Further Notice

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ProfRem

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The Central Bank of Nigeria (CBN) has ordered the suspension of MTN Group dividend payment from the Nigerian subsidiary of the telecommunications giant, until further notice over alleged illegal repatriation of $13.97 million.

MTN Group in its quarterly update said it was not guilty of the illegal repatriation charges levelled against it by the Nigerian senate, stating that the claims are totally unfounded and without merit.

“MTN Nigeria, four commercial banks, certain MTN Nigeria directors and shareholders, the Central Bank of Nigeria and others appeared before the Senate on 20 October 2016 at the outset of this investigation,” the update read.

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“The allegations are that $13.97 billion was repatriated illegally by MTN Nigeria through its bankers. MTN Nigeria and its bankers are cooperating with the investigation with a view to resolving the matter as expeditiously as possible.

“In the interim, the CBN has instructed the banks to suspend any remittance of dividends until further notice. MTN Nigeria continues to refute the allegations that MTN Nigeria had improperly repatriated funds from Nigeria", the update stated.
 
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