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MTN: CBN promises ‘equitable resolution’ over sanctions imposed on telecom firm, banks

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MTN shares plunge after CBN sanction over $8.13 billion repatriation

The Central Bank of Nigeria on Wednesday said it has commenced a review of the information provided by telecoms giant, MTN, and four banks sanctioned recently over alleged illegal repatriation of funds.

The apex bank said the review of details submitted by the four banks, accused of helping the South African telecoms company to illegally repatriate $8.1 billion, is being done with a view to reaching an “equitable resolution.”

The central bank had on August 29 ordered MTN and the four banks to bring $8.1 billion back into Nigeria that it alleged the telecoms firm sent abroad in breach of foreign exchange regulations. The development affected shares in MTN which fell nearly a third in Johannesburg stock market after the announcement.

The apex bank thereafter fined and debited the four banks including Standard Chartered PLC, fined 2.4 billion naira ($7.86 million); Stanbic IBTC Bank PLC, fined 1.8 billion naira; Citibank, fined 1.2 billion naira; and Diamond Bank PLC, fined 250 million naira.

The banks in separate statements denied wrongdoings. MTN also denied any wrongdoing. Shortly after the development, Nigeria’s attorney general, Abubakar Malami, imposed a $2 billion tax bill on the telecoms firm. In response to the tax demand, MTN filed a lawsuit accusing Mr Malami of exceeding his powers. The development has created ripples among experts, with concerns raised around the state of Nigeria’s business environment.

But on Wednesday, the apex bank said it is engaging and reviewing the information provided by the banks due to concerns raised after the sanctions were imposed.

“The Central Bank of Nigeria (CBN) acknowledges the public interest over sanctions recently imposed on four deposit money banks (DMBs),” the statement, signed by Isaac Okorafor, CBN’s Director of Corporate Communications, said.

“We wish to restate that the CBN will continue to welcome foreign investments and investors. Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations.”

The bank noted that the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.

The recent sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns, it said.

“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution,” it added.

MTN’s latest troubles come about two years after it agreed to pay more than $1 billion to settle a dispute over SIM cards in Nigeria, the telecoms giant’s biggest and by far most problematic market.

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Wrong Giving Can Make You Poor — Reno Omokri 

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Reno Omokri in his Nugget on Friday corrected the popular notion that giving can never make you poor.

The ex- aide to former President Goodluck Jonathan said that wrong giving can actually make one poor. Read below…

“It is a lie that no one has become poor by giving. Giving can make you rich, depending on who you give to.

For instance, you can never be poor if you give to God, your parents and the poor.

However, there are very many men who became poor by giving to girlfriends. A man has no obligation to look after his girlfriend.” He wrote.

Giving money to a girl you sleep with makes her more appropriately a prostitute, not a ‘friend’ #RenosNuggets

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Polls: Beware of Voodoo Dollars in Circulation, EFCC Warns Nigerians

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…Takes Campaign to BDC Operators

The Economic and Financial Crimes Commission, EFCC, on Thursday, February 21, 2019 took its sensitization campaign to Bureaux de Change, BDC operators at the Wuse Zone 4 Office in Abuja, the Federal Capital Territory.

The EFCC team, which was led by ADC Aisha Larai Musa, Head, EFCC’s Creative Communications Unit, used the opportunity to warn the BDC operators on the dangerous trend of an influx of fake Dollar notes now in circulation.

Advising the operators to be at alert, Musa, urged them to be cautious because “as the electioneering period peaks, you are now a soft target for money laundering and circulation of fake dollar notes”.

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Woman shares testimony of how she found snake inside her house where her children slept

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Nigeria News

A woman recently disclosed on Facebook God saved her children after she found a snake in her house.

The woman, who identified herself as Chisom Chiedozie said she found the snake inside her living room just few hours after she carried her children to their room from the mat they were sleeping on in the same room.

She shared:

“And you tell me there’s no God abi? just few minutes ago I saw this snake inside our living room. God has a way of saving his children, he is God and not man, this mat was on the floor few hours ago, my kids was laying on it then my kids slept I took them to the their room to sleep, what if the snake pentrated and bite them without me knowing, since they are asleep, what if the Gen is not on? What if I didn’t see it and it crawls inside the bedroom and hide somewhere?

My girl was even on the floor few minutes before we saw it, what would I have told her people, so many what if I swear, lately I enjoy sleeping on the mat cos of the hot weather, God saved me and my family, I can’t thank you enough father.

He that dwelleth in the secret place of the most high shall abide under the shadow of the almighty.”

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