The Senate on Wednesday resolved to Mandate the Central Bank of Nigeria, CBN, to sanction Stanbic IBTC for the improper documentation of capital repatriation and loan repayments amounting to $388,195,183 and $199,440,952.07 respectively.
The resolution was among many reached after the Senate considered the report of its Committee on Banking, Insurance and other Financial Institutions on the Unscrupulous Violations of the Foreign Exchange Act by MTN.
In a statement personally signed by the President of the Senate, Bukola Saraki, the Senate also resolved to mandate CBN to sanction the activities of Stanbic IBTC’s nominees in the matter of dividend repatriations; come up with a proposal for the amendment of the Foreign
Exchange (Monitoring & Miscellaneous Provisions) Act, with a view to ensuring the growth of the economy through massive foreign capital inflow and greater retention of foreign exchange; and henceforth give periodic reports to the Senate on the performance of foreign investment inflows and outflows.
In comments made on the floor of the Senate during the consideration of the report, a visibly disappointed Saraki said that MTN was able to get away with the violations as "the CBN reneged on carrying out its regulatory and supervisory roles in the implementation of foreign exchange loans."
Saraki also said in his released statement that "as the Upper Chamber of Nigeria’s legislature, the signal that we send here is very important to investors.
"We are not hostile to foreign investments coming into Nigeria, however, it is important that these investors play by the rules, while on our own part, our institutions must play their oversight roles.
"Nigeria is open for business to foreign investors, but our laws and rules must be followed."
 "Finidi George, Amokachi Unveiled As Super Eagles Gaffers")
