Nigeria’s central bank head to meet MTN and banks over $8.1 billion repatriation row: sources

Nigeria’s central bank governor is to meet representatives of telecommunications company MTN (MTNJ.J) and banks on Tuesday to discuss a dispute over the repatriation of $8.1 billion, two sources with direct knowledge of the matter said.

The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad in breach of foreign-exchange regulations.

The people with knowledge of the matter, who did not want to be named, said executives from MTN and the four lenders involved in the case – Standard Chartered (STAN.L), Stanbic IBTC Bank (IBTC.LG), Citibank (C.N) and Diamond Bank (DIAMONB.LG) – would hold talks with Nigerian Central Bank Governor Godwin Emefiele on Tuesday.

The move comes days after Emefiele said the bank may reduce the amount to be repatriated.

Nigeria, which accounts for a third of the South African company’s annual core profit, is MTN’s biggest market.