Nigeria: $8 billion order against MTN, political risk as usual

Summary Despite the market-discouraging dramatic order by the Central Bank of Nigeria for MTN and four of its bankers to repatriate over $8 billion in allegedly improperly externalized dividends, it was political business as usual August 30 for Nigeria’s ruling All Progressive’s Congress. Analysis It was political business as usual for Nigeria’s ruling All Progressive’s Congress (APC) on August 30. The APC convened a National Executive Committee, comprising the party’s top leadership, with a principal agenda of resolving on the method of nominating candidates for elected office. Unsurprisingly, there was no debate over the Central Bank of Nigeria’s controversial order …

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