The four banks that came under the sledge hammer of the CBN for the violations are Standard Chartered Bank, Stanbic-IBTC, Citibank and Diamond Bank. Okorafor said the investigations revealed that the sum of $3.448bn was repatriated by Standard Chartered Bank on the basis of the illegally issued CCIs. CBN’s letter to Standard Chartered Bank states, “Our investigation also revealed the following, among others: i. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;ii. The shareholders of MTN Nigeria Communications Limited invested the sum of $402,590,261.03 in the company from 2001 to 2006;ii.

Source: Punch August 29, 2018 23:50 UTC