News Agency of Nigeria (NAN)

Video: Nigeria asks MTN to refund illegally repatriated $8.13bn

MTN Nigeria

President Buhari and UK Prime Minister Theresa May, at the Presidential Villa in Abuja

====British Prime Minister, Theresa May, says she looks forward to increased trade and investment between Britain and Nigeria.

Shortly before her departure from Nigeria, May expressed pleasure with the Nigerian business community and stressed the need for increased investments that would create jobs in both countries.

=====The Central Bank of Nigeria has directed MTN Nigeria to refund 8.13 billion dollars which was illegally repatriated by the company with the aid of four Nigerian banks.

The apex bank also imposed a N5.87billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank, the four banks involved in the alleged illegal remittance of the foreign exchange to offshore investors of MTN Nigeria Communications Limited.

CBN had, in a statement, accused the commercial banks of carrying out the transaction without regular ‘Certificates of Capital Importation, which is a compulsory pre-requisite for such transactions.

====The Nigerian Liquefied Natural Gas has embarked on the construction of the $120million Bonny-Bono road in the southern part of the country.

The road, which will connect Bonny to Port Harcourt and bolster economic growth in the southern corridor of the country, would be completed within 40 months.

=======The Bank of Industry says it has so far disbursed N15billion loans to about 400,000 micro-enterprises under the Government Enterprise and Empowerment Programme (GEEP) of the Federal Government.

BOI’s General Manager, Large Enterprise, Mr Leonard Kange said the Bank would grant up to N60billion loans to small and medium enterprises and N30billion to micro enterprises in the country by the end of the year.

The GEEP is one of the National Social Investment Programmes initiated by the Federal Government to tackle poverty by empowering small business owners in the country with access to funds.

=====The change in government in Zimbabwe is inspiring hope among some white farmers to return to the land’ nearly two decades after the start of the sometimes-violent land reform programme, a news report says.

President Emmerson Mnangagwa’s government ruled out reversing land reform, but vowed to end land invasions and to give white farmers 99-year leases like their black counterparts.