ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Saturday, May 21, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Femi Falana (SAN)

Femi Falana (SAN)

Group accuses U.S., UK of unfair statements over MTN fine

byOladeinde Olawoyin
November 18, 2018
2 min read

A civil society group, People’s Alternative Front (PAF) has criticised officials of the United States and the United Kingdom over their comments on the effect of telecommunication giant MTN’s row with the Nigerian government.

A statement signed by lawyer and human rights activist, Femi Falana, president of the group, said without prejudice to the ongoing moves by the CBN and MTN to resolve the issue of the penalty in an amicable manner, the statements attributed to officials of both countries smacked of hypocrisy.

John Bray, U.S. consul general, and Laura Beaufils, British deputy high commissioner to Nigeria, had last week said the issues faced by MTN in recent times sent bad signals to foreign investors.

According to Punch newspaper, the U.S. and UK envoys made the assertion on the sidelines of a conference organised by the Lagos Chamber of Commerce and Industry (LCCI) during the 2018 Lagos International Trade Fair. The newspaper quoted the envoys as saying some foreign investors took their investments to neighbouring countries as a result of the crisis.

But PAF said in its statement on Sunday that the statements were not objective.

“By their highly prejudicial comments, both envoys have given the misleading impression that the British and American governments would condoned the violations of extant financial regulations in order not to discourage investors,” the statement said.

“As far as both envoys are concerned, while financial regulations are strictly enforced in advanced capitalist countries, even if the heavens would fall, they should be conveniently breached in a peripheral capitalist country like Nigeria.

“It is curious to note that both envoys neither commented on the penalties imposed on Nigerian banks for their involvement in the illegal capital exportation nor dismissed the alleged breaches of Nigeria’s financial regulations by MTN.”

Citing numerous cases of such regulatory actions in both countries, Mr Falana said it is doubtful if both envoys are not aware that the regulatory agencies in Western countries including the UK and U.S. have, in the last 9 years, imposed penalties of over $113 billion on banks and other corporate bodies for committing money laundering offences and for violating financial regulations.

“In view of the patronizing intervention of the UK and US in the MTN $8.1 billion fine we are compelled to draw attention of the Nigerian people to the fines and penalties imposed by the UK and US Financial Regulators from 2009-2018,” it said.

The statement listed the Libor rigging scandal and fines of post-2008 financial crisis; the case involving Barclays which involved a total fine $2.4 billion in addition to eight additional employees fired for their roles in forex manipulation; the cases of Citi, JPMorgan, Royal Bank of Scotland and the Bank of America.

The statement also made reference to the case of JPMorgan Chase and four other banks fined a total $26 billion when the banks were accused of participating in the practice of robo-signing, among other stiff penalties associated with breach of regulatory measures in both countries.

The Central Bank of Nigeria had in August sanctioned MTN Nigeria and four commercial banks for alleged financial infractions.

The CBN demanded a refund of about $8.13 billion (about N2.5 trillion at N306.15 to a dollar) allegedly repatriated illegally out of Nigeria through four banks, including Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank.

The banks were also ordered to refund various amounts totaling N5.87 billion.

While Standard Chartered was asked to refund N2.5 billion, Stanbic IBTC was to refund N1.9 billion; Citibank, N1.3 billion; and Diamond Bank was asked to refund N250 million.

The banks were accused of committing “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

The apex bank and the telecoms giant said they are negotiating possible mutual resolution of the crisis.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Buhari set to kick off campaign in Abuja

Next Post

Four INEC workers, NYSC member, 3-yr-old die in accident

Oladeinde Olawoyin

Oladeinde Olawoyin

Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017. Aside maintaining a column titled ‘SATURDAY SATIRE’, he also writes art and culture pieces on weekends. Twitter: @Ola_deinde

More News

Jigawa GH Press : Governor Muhammad Badaru addressing workers at Ahmadu Bello Hall, New Secretariat Complex.

How Tinubu helped me become Jigawa governor – Badaru

May 21, 2022
Isah Ashiru

Updated: Court clears Kaduna PDP gubernatorial aspirant of an allegation of certificate forgery

May 20, 2022
George Turnah [PHOTO CREDIT: @officialEFCC]

Court jails ex-NDDC MD’s aide for non-disclosure of assets to EFCC

May 20, 2022
Former Minister Musiliu Obanikoro

Why I’m contesting for Lagos West Senatorial seat -Obanikoro

May 20, 2022
Monkeypox Virus

Monkeypox: UK deploys smallpox vaccines as cases spread in Europe

May 20, 2022
Motorcyclists (Okada riders)

We are after foreigners operating Okada in Lagos – Police commissioner

May 20, 2022
Next Post
File photo of an Accident scene of the Lagos-Ibadan expressway

Four INEC workers, NYSC member, 3-yr-old die in accident

President Muhammadu Buhari [Photo: Champion Newspapers Limited]

2019: Akwa Ibom student group endorses Buhari, Ekere

Read All Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,842,622 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.