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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 Nigeria
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