Cenbank, Telecom News, ET Telecom

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JOHANNESBURG: Billions of {dollars} in fines owed by South African corporations MTN and Standard Bank to Nigerian regulators might enhance the chance to South Africa’s monetary system, the central financial institution mentioned on Wednesday. The Nigerian central financial institution in August accused Telecoms agency MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion overseas.

The Nigerian authorities has additionally demanded $2 billion in associated taxes from MTN. The South African cell operator makes a couple of third of its annual core revenue within the West African nation.

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