MTN Nigeria has debunked the claims by the Central Bank of Nigeria (CBN) accusing it of culpability in illegal dealings regarding Certificates of Capital Importation (CCIs).

In a release made available on its official twitter handle on Thursday, MTN acknowledged receiving a letter pertaining to the allegations from the Central Bank of Nigeria on Thursday.

The telecommunications company, however, refuted the CBN’s claims, insisting that no dividends have been declared or paid other than pursuant to CCIs issued by its banks and “within the approval of the CBN as required by law”.

CBN had written to MTN on the issue, insisting that “the sum of $8,134,312,397.63 was illegally repatriated on behalf of your company by the aforementioned banks between 2007 and 2015”.

Responding to the letter, a statement by MTN read in part: “MTN Nigeria strongly refutes these allegations and claims. No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of CBN as required by law.

“The issues surrounding the CCIs have already been the subject of a thorough enquiry by the Senate of Nigeria. In September 2016 the Senate mandated the Committee on Banking, Insurance and Financial Institutions to carry out a holistic investigation on compliance with the Foreign exchange (monitoring and miscellaneous) Act by MTN Nigeria & others.

“In its report issued in November 2017, the findings evidenced that MTN Nigeria did not collude to contravene the foreign exchange laws and there were no negative recommendations made against MTN Nigeria.”

MTN restated its commitment to “good governance and to abiding by the extant laws of the Federal Republic of Nigeria”.

It expressed regret that the issue was resurfacing, noting that it “damages investor confidence and, by extension, inhibits the growth and development of the Nigerian economy”.

The company also stated that it would “engage with the relevant authorities” and also “vigorously defend” its position on the matter, and promised to provide further information when available.

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