Finance Minister, Zainab Ahmed Gives Update On CBN’s Sanction On MTN


Zainab Ahmed Speaks On MTN’s $8b Sanction

Zainab Ahmed, minister of finance has adjudged the federal government sanctions on MTN, as damaging for Nigeria.

The Central Bank of Nigeria recently sanctioned four commercial banks as well as MTN, asking the telecommunications giant to refund $8billion for allegedly issuing irregular certificates of capital importation.

Speaking at the 24th Nigerian Economic Summit in Abuja today, the minister said the CBN is working closely with MTN to resolve the issues around the latest sanctions.

According to her, some of the positions of the government was taken, so big businesses and investors don’t take regulators for granted.

“The MTN incident was a very damaging one for us, that was one of the reasons why we have been out trying to engage investors,” Ahmed said.

“But you see, there is a tendency for big business to take regulations and governments for granted. After that incident happened, all the information the CBN has been trying to get in two months actually came. Now, they have almost solved the problem.”

The minister assured investors that there would not be another MTN situation and that no company will be next after MTN.

“We are trying to make sure this doesn’t happen again, we are continuously discussing with monetary authorities.

“There willl be no company next after MTN, nobody is next because we can’t afford for this kind of incidence to keep happening.”



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