September 25, 2018 / 7:20 AM / a year ago

Standard Bank says Nigeria may review penalty in MTN funds repatriation

JOHANNESBURG, Sept 25 (Reuters) - Standard Bank said Nigeria’s central bank may review its decision to penalise its West African unit for allegedly breaking the law in helping South African mobile phone group MTN send money abroad.

Stanbic IBTC Bank is one of four banks that the Central Bank of Nigeria (CBN) accused of helping MTN to illegally repatriate $8.1 billion.

“The CBN has written to advise the Bank that it will examine new submissions and documentation made by the Bank, and where justified, it will review its earlier decision on the penalty it imposed on the Bank,” Standard Bank said on Tuesday. (Reporting by Tiisetso Motsoeneng, editing by Louise Heavens)

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