Nigeria central bank debits Standard Chartered $7.9 mln after moving MTN funds


ABUJA, Sept 6 – Nigeria’s central bank has debited Standard Chartered 2.4 billion naira ($7.86 million) after it fined the lender for helping South Africa’s telecoms firm MTN to move funds abroad, two sources told Reuters on Thursday.

Standard Chartered, alongside Citibank Stanbic IBTC Bank and Diamond Bank, was fined last week after the central bank said it moved a total of $8.1 billion abroad with improper certificates for telecoms giant MTN.

Standard Chartered has denied any wrongdoing. ($1 = 305.20 naira)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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