ORX News digest of the month – August 2018
- 10 September 2018
Every month the ORX News team publishes a featured digest from the ORX News Service. It's a detailed look at one of the losses reported in the media that month, and is handpicked by the team as one of the most interesting stories.
August's digest summary:
On 29 August 2018, the Central Bank of Nigeria announced it had fined Standard Chartered, Citibank, Stanbic IBTC and Diamond Bank a total of NGN 5.87bn ($16.2m) for assisting in the illegal repatriation of $8.13bn out of Nigeria on behalf of telecommunications company MTN. The banks were allegedly involved in the improper conversion of a shareholders’ loan into preference shares which did not have the final approval of the central bank.