MTN sanctions were taken to strengthen regulators- Ahmed

MTN sanctions were taken to strengthen regulators- Ahmed

The Minister of Finance, Zainab Ahmed, on Tuesday, said the Federal Government sanctions on MTN, was damaging for Nigeria.

According to her, the government took certain positions so big businesses and investors don’t take regulators for granted.

Ahmed stated this while speaking at the 24th Nigerian Economic Summit in Abuja on Tuesday.

The minister said the Central Bank of Nigeria (CBN) was working closely with MTN to resolve the issues around the latest sanctions.

She said, “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.

“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.”

Ahmed 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 will be no company next after MTN, nobody is next because we can’t afford for this kind of incident to keep happening,” she said.

The CBN recently sanctioned MTN and four commercial banks within the country, asking the telecommunications giant to refund $8 billion for allegedly issuing irregular Certificates of Capital Importation (CCIs).

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