Nigeria: Illegal $8.12bn Profit Repatriation From Nigeria - Questions, As Emefiele Announces How CBN, MTN Settled

23 January 2019

Nigeria's central bank on Tuesday reversed itself and settled for an N19.5billion 'notional settlement' with MTN Communications Nigeria Limited over the controversial repatriation of huge profits from Nigeria totaling over $8.12billion without mandatory regulatory approval.

The apex bank's action has left many questions unanswered, with many civil society groups saying the 'slap in wrist' handling of the matter by CBN will embolden MTN and other multinationals to act with impunity in the future.

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