After weeks of allegations and speculation the Central Bank of Nigeria is reportedly in talks with MTN Nigeria and four banks towards reaching an “amicable” and “equitable” resolution.The CBN had previously alleged that MTN Nigeria and four banks had been involved in illegal repatriation of funds out of the country using irregular CCIs.
The telco had been adamant about its innocence, while CBN reportedly debited the accounts of the four banks. MTN continued its insistentence and filed a suit at the Federal High court seeking an injunction against the CBN and the office of the Attorney General. Subsequently, the CBN filed its defence to the suit asking that the case be dismissed and that MTN Nigeria had intended to defraud the country in perpetuity.
Before the news of the apex bank’s defence in court, Emefiele had stated in an interview with the press that certain documents had been produced and that the decision could be reviewed. Finally, the latest reports show that the CBN may reduce the refund drastically or that there may be no refund after all.
Speculations on the CBN’s grounds have begun rising, with many questioning the basis of the apex bank’s initial allegations. The current sequence of events has caused experts, investors and industry watchers to question the sufficiency of CBN’s ground to request for a refund in the first place.