MTN Clarifies Point on Certificates of Capital Importation

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(Last Updated On: 2016-10-21)
Nahimah Ajikanle Nurudeen
As the Nigerian Senate on Thursday opened a public hearing to investigate the alleged funds repatriation by MTN Nigeria, the CEO of the South African telecoms Operator, Ferdi Moolman has said that no dividends were declared or paid until the Certificates of Capital Importation (CCIs) were issued and finalized.
Commenting specifically on the point of CCI  in the matter of alleged repatriation of funds out of Nigeria in a statement issued by MTN Group Corporate Affairs Moolman explained that the company only requested for CCIs for Foreign Capital that was imported into Nigeria, and dividends were externalised on CCIs.
He said, “Often for various reasons (such as not having all the required documentation for instance), it is not possible to issue a CCI within 24 hours, and the Central Bank of Nigeria’s Forex Manual contemplates such situations by asking that the banks refer to the CBN for approval. Besides, the requirement to issue a CCI within 24 hours of conversion is an administrative requirement. As such, the CBN has the authority, and indeed we believe, approved the banks’ applications to issue CCIs outside the recommended time frame.”

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