Investor Presentaiton
24
Supervision and Regulation of Banks - Sanctions Update
On August 30th 2018, four commercial banks were sanctioned by the Central Bank of Nigeria (CBN) for illegal capital repatriation,
on behalf of MTN Nigeria.
Background
• The sanctions on the banks arose
due to irregularities with respect to
repatriations made on behalf of some
offshore investors of MTN Nigeria
Communications Limited
Laws and regulations
• The banks were fined for violation of
extant laws and regulations of the
Federal Republic of Nigeria, including
the Foreign Exchange (Monitoring
and Miscellaneous Provisions) Act,
1995, and the Foreign Exchange
Manual, 2006
Current
• The Banks and MTN are engaging
with the CBN and have provided
additional information which is
currently being reviewed with a view
to arriving at an equitable solution
即
Nigeria will
continue to
welcome foreign
investments and all
investors
Monetary and Banking Updates
OIII
Nigeria Remains' Open
No retroactive
application of
foreign exchange
rules and
regulations
O
Enormous
investment
opportunities still in
NigeriaView entire presentation