Northern Nigerian Breaking News

MTN Takes FG For Granted Over $8.1bn Refund-Minister


The Minister of Finance Zainab Ahmed says big businesses operating in Nigeria take the Federal Government and stipulated regulations for granted.

Hajia Zainab Ahmed, who was responding to a question on the recent sanction that was imposed on MTN Nigeria Communications Limited by the Central Bank of Nigeria, during a session at the 24th Nigerian Economic Summit in Abuja.

The Minister said that the telecommunications company  only provided demand of the CBN after the apex bank ordered it and some affected commercial banks to refund about $8.1bn.

“The MTN incident was a very damaging one for us and that was one of the reasons why we have been out trying to engage our investors. But you see there is a tendency for big businesses to take regulation and government for granted,” said Zainab.

“Only after that incident happened, all of the information that the CBN had been trying to get for months actually came out. Now, I think they are up to a point where they have almost solved the problem.

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“And this is information that the CBN governor had personally met with MTN, with the key banks involved and had asked them to provide the information,”

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