CBN debits accounts of fined banks over MTN’s ‘illegal’ repatriation

The Central Bank of Nigeria (CBN) has debited the accounts of three banks in relation to the fine placed on them for allegedly helping MTN repatriate $8.1 billion illegally.

In a notice sent to the Nigerian Stock Exchange (NSE), Stanbic IBTC said the deduction will not affect its capacity to handle clients’ requests or clients’ ability to continue to carry out viable business transactions whether in relation to the importation of capital or otherwise.
“We write to update The NSE that the CBN has debited the account of our banking subsidiary with the CBN for the full amount of the above-stated fine advised to the Bank,” the notice read.

“Stanbic IBTC Holdings PLC, as well as our banking subsidiary, maintain our position on this matter, which is the fact that the Bank has done nothing illegal and accordingly the Bank will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal.”
On it’s part, Standard Chartered Bank confirmed that the CBN had debited N2.4 billion from it’s accounts.

In a statement sent to the Johannesburg Stock Exchange, the bank said it would continue to engage with the central bank despite the debit.
Citibank Nigeria has also confirmed the deduction of N1.2 billion from its accounts.
Banks often have accounts with the apex bank to tackle liquidity problems. - TheCable