The Central Bank of Nigeria (CBN), has declared, that the recent sanctions imposed on four Deposit Money Banks (DMBs), were not designed to restrict access to investors returns.
This is as the apex Bank noted, that the sanctions arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited.
Recall that the Central Bank of Nigeria imposed heavy fines totalling N5.87bn on four banks for alleged illegal funds repatriation.
These banks were Standard Chartered fined N2.4bn, Stanbic, N1.8bn, Citibank, N1.2bn and Diamond, N250m.
Speaking in a statement on Wednesday, the Director, Corporate Communications CBN, Isaac Okorafor, who acknowledged the public interest over the sanctions on the banks, restated, that the CBN will continue to welcome foreign investments and investors.
“Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations” Okorafor said.
Furthermore, the Director stated, that the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.
According to him, “The recent sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.
“In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution” he added.
The CBN further assured all investors that the integrity of the CCI regime remains sacrosanct, saying that there shall be no retroactive application of foreign exchange rules and regulations.
“The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria” he ended.