{"id":310,"date":"2022-09-07T10:05:50","date_gmt":"2022-09-07T13:05:50","guid":{"rendered":"https:\/\/noticias-gerais.online\/?p=310"},"modified":"2023-02-21T23:33:12","modified_gmt":"2023-02-22T02:33:12","slug":"a-instituicao-financeira-imperativa-garante-a-integridade-das-ccis-legitimas","status":"publish","type":"post","link":"https:\/\/noticias-gerais.online\/en\/a-instituicao-financeira-imperativa-garante-a-integridade-das-ccis-legitimas\/","title":{"rendered":"The imperative financial institution guarantees the integrity of legitimate CCIs"},"content":{"rendered":"

The Governor of the Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Monday dispelled concerns about the sanctions imposed on MTN Nigeria and any worries from foreign buyers about the integrity of previously issued Capital Import Certificates (CCIs).<\/span><\/p>\n

Emefiele, who spoke to THISDAY in China, assured the investment community, both local and overseas, as well as all economic institutions, that he could honor and maintain the integrity of all legitimate ICCs, as well as those that violate existing legal guidelines and rules of the Federal Republic of Nigeria, including the International Alternative (Monitoring and Miscellaneous Provisions) Act of 1995 and the International Exchange Guide of 2006.<\/span><\/p>\n

A CCI is a certificate issued by a Nigerian bank confirming an inflow of international capital, either in the form of money (personal loan or justice) or assets, in violation of existing laws and regulations of the Federal Republic of Nigeria, together with the Foreign Alternative (Monitoring and Miscellaneous Provisions) Act, 1995, and the Overseas Change Handbook, 2006.<\/span><\/p>\n

Also affected were MTN Nigeria, which CBN instructed to immediately return US$8,134,312,397. Sixty-three, which were illegally repatriated with the help of the telecommunications business, to the coffers of the financial institution. The CBN governor, young people, proved that MTN Nigeria would reimburse the money at the exchange rate at which it was remitted and never at the most recent expense, leaving the telco with the potential shortfall of more than US$4 billion in exchange expenses.<\/span><\/p>\n

For the banks, the maximum fine of N2,470,604,767.13 became a blow to the general Chartered Bank, while Stanbic IBTC Nigeria was fined N1,885,852,847.45. Citibank also received a high fine of N1,265,541,562.31, as did Diamond Bank, which was required to pay a penalty of N250 million.<\/span><\/p>\n

However, in response to further questions, Emefiele noted that he was aware of all sorts of documents displayed by different people with the aim of deceiving the general public at MTN Nigeria, stating that the investigation of the telecommunications company lasted for a period of 30 months, considering various factors and not just the illegal repatriation of capital.<\/span><\/p>\n

According to Emefiele, the largest financial institution has always had the vision of helping the telecommunications company and certainly all foreign operators in the financial system. [This has turned] into concern.<\/span><\/p>\n

\u201cDespite the fact, the final nail in the coffin came after they (MTN Nigeria) naturally took the liberty of disregarding Nigeria\u2019s overseas exchange laws in the form of financing their capital investment in MTN and the subsequent repatriation of capital that resulted therefrom,\u201d he stressed. \u201cThey introduced US$ 402 million and referred approximately US$ 350 million which turned into fairness and stability turned into a personal loan, and they received CCIs for equity. Later, they reversed this position after realizing that loans will not attract the kind of tax fairness that investment will attract. And they altered the constitution of their financing in a clear violation of the spirit and intent of Nigeria\u2019s overseas exchange regulations,\u201d explained the CBN governor.<\/span><\/p>\n

Emefiele disclosed that other MTN Nigeria infractions relating to actions using native shareholders and regardless of whether the CCIs were issued within 24 hours were one of the vital contraventions of MTN Nigeria that were previously forgiven, emphasizing that, based on this, MTN Nigeria manipulated the rules for optimal profit and tax evasion, regardless of legal guidelines, as they launched the unauthorized conversion of loans into equity, with the aim of circumventing the online system and exploiting loopholes.<\/span><\/p>\n

Different CBN employees who spoke to THISDAY said that, following further tips from whistleblowers, the major bank is currently conducting a specific extra examination of MTN Nigeria's operations to properly investigate MTN's payments and delve deeper into the telecommunications company's operations.<\/span><\/p>\n

The source, who spoke to THISDAY on condition of anonymity due to non-disclosure and non-compete clauses in their termination benefits, claimed that the claims were becoming much more complex with the payments than MTN and the banks need us to consider, requesting a forensic audit that could uncover much more. He also rebuked the financial institutions concerned about what he described as their failure to adhere to Apex's Know Your Customer (KYC) coverage.<\/span><\/p>\n

He went on to make further allegations, stating that, regarding the original investment of US$402 million, over which US$8.1 billion in profits were remitted over several years, a large portion came to be treated in MTN's books as "gadget financing." What device financing had he requested? Through whom? Who billed MTN? Are the companies connected parties? Are the suppliers owned by MTN directors? Why was one of the profit remittances made to tax havens instead of money from MTN's headquarters in South Africa? Who were the most desirable beneficiaries? He insisted that the influx of capital that the telecommunications business claimed to have brought into Nigeria as device financing had been "overstated.".<\/span><\/p>\n

The supply also stated: \u201cThe invoices for the transactions were from third parties and sub-companies involving some of MTN\u2019s administrators. One of the most significant invoices has now been, not without delay, from MTN itself.\u201d It highlighted that buyers in MTN Private Placement, who approached in February 2008, secured foreign exchange loans from native banks with the aim of investing in the telecommunications company, more effectively for them, therefore, repatriating foreign exchange held abroad, although they were foreign investors for FX that they acquired from Nigeria, at a legitimate alternative cost.<\/span><\/p>\n

In undeniable terms, traders borrowed dollars from Nigerian banks to invest in MTN and eventually repatriated the money out of the country, just as it had been part of the initial capital inflow, he pointed out.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

O Governador do Banco da Nig\u00e9ria (CBN), Sr. Godwin Emefiele, na segunda-feira dissipou considera\u00e7\u00f5es sobre as san\u00e7\u00f5es impostas \u00e0 MTN Nig\u00e9ria e qualquer preocupa\u00e7\u00e3o por meio de compradores estrangeiros sobre a integridade dos Certificados de Importa\u00e7\u00e3o de Capital (CCIs) j\u00e1 emitidos. Emefiele, que falou com o THISDAY na China, garantiu \u00e0 comunidade de investimentos, tanto […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-310","post","type-post","status-publish","format-standard","category-economia"],"_links":{"self":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts\/310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/comments?post=310"}],"version-history":[{"count":0,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts\/310\/revisions"}],"wp:attachment":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/media?parent=310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/categories?post=310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/tags?post=310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}