$8.1bn MTN proceeds: Standard Chartered Bank denies wrongdoing

MTN Nigeria
MTN Nigeria
The Standard Chartered Bank Nigeria Limited has said it has sent a detailed and comprehensive response to the Central Bank of Nigeria (CBN) on the purported infractions and has refuted all allegations of any wrongdoing.
The Bank said in a statement signed by its Dayo Aderugbo, Head, Corporate Affairs, Brand and Marketing, Nigeria that as in all countries where the Bank operates, Standard Chartered Bank Nigeria Limited remains committed to ensuring that all its processes and procedures adhere to the highest levels of corporate governance, controls and compliance with applicable laws of the jurisdiction.
‘’I would like to reiterate to our stakeholders that in Nigeria, the Board and Management of the Bank hereby use this opportunity to advise its valued clients that the action of the Central Bank of Nigeria (CBN) does not impact their ability to engage with the Bank for their personal, business and corporate transactions ‘’, Aderugbo said.
The Standard Chartered Bank Nigeria Limited and three others – City Bank Nigeria, Stanbic IBTC Plc and Diamond Bank Plc recently received a letter from the Central Bank of Nigeria (CBN) imposing sanctions on them for alleged breaches of foreign exchange regulations in connection with certain foreign currency remittances.

These transactions, some of which date back to 2001, were in respect of foreign currency remittances backed by Certificates of Capital Importation (CCIs) issued in favour of our client, MTN Nigeria Communications Limited.

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