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MTN Nigeria CEO clarifies the point on Certificates of Capital Importation

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Commenting specifically on the point of Certificates of Capital Importation (CCIs) in the matter of alleged repatriation of funds out of Nigeria, MTN Nigeria CEO Ferdi Moolman said that no dividends were declared or paid until the CCIs were issued and finalised.

Moolman added that MTN Nigeria only requested for CCIs for Foreign Capital that was imported into Nigeria, and dividends were externalised on CCIs.

“Often for various reasons (such as not having all the required documentation for instance), it is not possible to issue a CCI within 24 hours, and the Central Bank of Nigeria’s Forex Manual contemplates such situations by asking that the banks refer to the CBN for approval. Besides, the requirement to issue a CCI within 24 hours of conversion is an administrative requirement. As such, the CBN has the authority, and indeed we believe, approved the banks’ applications to issue CCIs outside the recommended time frame,” concluded Moolman.

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