CBN Reverses Directive on $8.1bn MTN Refund Insists there were infractions but assures investors of integrity of CCIs
Obinna Chima and Emma Okonji The Central Bank of Nigeria (CBN) yesterday said it had reversed its sanction on MTN
Nigeria Limited, imposing a refund of $8.1billion the telecom company had remitted abroad in violation of foreign exchange remittances law of the country. The MTN also confirmed this
development in a statement yesterday. The CBN had in August, directed MTN Nigeria to reverse repatriations valued at $8.1 billion done on its
behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs), which were alleged to have been irregularly issued to MTN
Nigeria. The Director, Corporate Communications, CBN, Mr. Isaac Okorafor, explained that following the keen interest shown by various stakeholders,
sequel to the regulatory action, the CBN committed to engage further with MTN with a view to achieving an equitable Continued on page 10
APM, Led by Amosun, Delivers Letter of Adoption to Buhari … Page 40 Tuesday 25 December, 2018 Vol 23. No 8651. Price: N250
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Buhari: My Commitment to Free, Fair Elections Irrevocable Warns bandits in Zamfara, Sokoto
Omololu Ogunmade in Abuja and Onuminya Innocent in Sokoto President Muhammadu Buhari yesterday, in his Christmas message to Nigerians, said his promise to conduct free, fair and credible polls in 2019 was an oath, which could not be broken. The president also condemned the killing of
innocent Nigerians in Birnin Magaji community in Tsafe Local Government Area and Magami community in Faru District of Maradun Local Government Area of Zamfara State, by suspected bandits, warning that such horrendous violent acts must stop. Buhari in a statement insisted that his promise to Continued on page 40
More Trouble for 2019 Budget as Oil Price Slumps to $53 NNPC boosts Yuletide with N75bn petrol subsidy Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency reports The implementation of the 2019 budget presented recently to the National Assembly by President Muhammadu Buhari
has continued to face increasing threats as oil prices dropped further yesterday, nearing their lowest level this year. The global stock markets also declined after they came under pressure from concern about Continued on page 10
THE PRESIDENT’S MEN… L-R: Ogun State Governor, Senator Ibikunle Amosun, President Muhammadu Buhari and National Chairman of Allied People's Movement, Mr. Yusuf Dantalle, during the presentation of letter of adoption of the president as the APM’s presidential candidate, in Abuja…yesterday
To our readers: In keeping with our tradition of observing Christmas Day, THISDAY, your favourite newspaper of record, will not be on the newsstands on Wednesday, December 26, 2018 but will be back on Thursday, December 27, 2018. We wish our readers a very Merry Xmas. - Editor