Standard Bank says Nigeria may review penalty in MTN funds repatriation

  • Reuters
  • Stock Market News
Standard Bank says Nigeria may review penalty in MTN funds repatriation
Credit: © Reuters.

JOHANNESBURG, Sept 25 (Reuters) - Standard Bank SBKJ.J said Nigeria's central bank may review its decision to penalise its West African unit for allegedly breaking the law in helping South African mobile phone group MTN MTNJ.J send money abroad.

Stanbic IBTC Bank IBTC.LG is one of four banks that the Central Bank of Nigeria (CBN) accused of helping MTN to illegally repatriate $8.1 billion. CBN has written to advise the Bank that it will examine new submissions and documentation made by the Bank, and where justified, it will review its earlier decision on the penalty it imposed on the Bank," Standard Bank said on Tuesday.

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