Nigerian bankers to meet after MTN ordered to transfer $8.1bn -Access Bank CEO

Nigeria’s Access Bank expects the country’s banking industry to hold its regular committee meeting soon to discuss South African telecoms firm MTN’s repayment of $8.1 billion, on the orders of the central bank.

Access Bank Chief Executive Herbert Wigwe said the bank has a minor holding at MTN group level but was not exposed to the telecoms firm in Nigeria.

Nigeria’s central bank also fined four banks, for their role in helping MTN move the money out of Africa’s biggest economy.

Wigwe said he expected a resolution on the matter as the regulator would want to avoid a systemic banking crisis.

A repayment of $8.1 billion, is half of MTN’s market capitalisation, and could threaten its Nigerian lenders.

Separately, Access Bank and other lenders to 9mobil e have taken a 25 percent loan loss as part of sale negotiations with new investor Teleology Holdings, he told an analysts’ call.

Credit: Reuters