Senate demands full disclosure on $8.1bn MTN fine

OrderPaperToday – The Senate has queried the Federal Government’s plan to reduce the $8.1 billion fine imposed on MTN Nigeria to $800 million through the ‘back door.’

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Ibrahim asks that Nigerians be informed on this move.

To execute this, Senator Ibrahim while speaking with some journalists on Wednesday said his committee would immediately demand a report from Central Bank of Nigeria (CBN) on the matter.

He said: “The only way Nigerians would know what transpired between the CBN and MTN on the $8.1 billion fine is through a detailed report.

“It was gathered that the federal government, working through the Central Bank of Nigeria, CBN, may have concluded arrangements to cut the $8.1 billion fine to $800 million through the back door. The Senate said it was interested in knowing the percentage of reduction from $8.1 billion to $800 million.”

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