The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Thursday gave reasons why it took the apex financial industry regulator almost nine years to uncover alleged systematic repatriation out of Nigeria of over $8.134bn profits by MTN Nigeria. Mr Emefiele, who spoke on Thursday at the end of the monetary policy committee (MPC) meeting in Abuja, rejected accusations the CBN neglected its monitoring and regulatory role and allowed the illegal transfers by the South African telecoms firm to fester. Last August, Mr Emefiele announced CBN’s decision to impose various sanctions totalling about N5.87 billion against four banks accused of “flagrant violation” of foreign exchange regulations. The banks, namely, Standard Chartered, Stanbic-IBTC, Citi and Diamond, were alleged to have facilitated remittances of foreign exchange using irregular Certificates of Capital Importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communicatio...
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