CBN mounts pressure on MTN, demands 15% interest of $8.1 billion

CBN mounts pressure on MTN, demands 15% interest of $8.1 billion

The row between the Central Bank of Nigeria might not die down anytime soon.

Nigeria’s apex bank, the CBN, is demanding for a 15% interest to be paid by MTN Nigeria on the $8.1 billion illegal funds it allegedly transferred out of Nigeria from its local unit.

MTN is Nigeria’s largest mobile carrier with about 49 million subscribers.

According to court documents sighted by Reuters. The bank also asked the court to dismiss MTN’s case seeking to stop the monetary authority’s order for the telecoms firm to repatriate the funds back to Nigeria, the documents showed.

The turn of events is deviating from a de-escalation as expected. It could be recalled that the CBN governor, Godwin Emefiele had announced last week that the matter would be resolved in amicably.

As a result of the continuous regulatory rancour the company had been facing, MTN had hinted that it would not go ahead with its public listing on the Nigerian Stock Exchange, NSE.