\u201cthe CBN investigation further revealed that on account of the illegal conversion of MTN shareholders\u2019 loan to preference shares (interest-free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company." The Central Bank of Nigeria (CBN) has imposed an N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged illegal remittance of foreign exchange to offshore investors of MTN Nigeria Communications Limited. This is even as the\u00a0 CBN has directed MTN to refund 8.13 billion dollars which were illegally repatriated by the company with the aid of the four Nigerian banks. In a statement issued by the CBN on Wednesday, the nation\u2019s apex bank accused the commercial banks of carrying out the transaction without regular \u2018Certificates of Capital Importation (CCIs)\u2019 which is a compulsory pre-requisite for such transactions. The CBN Acting Director, Corporate Communications, Department, Mr Isaac Okorafor who issued the statement described the action of the banks and MTN as \u2018flagrant violation of extant laws and regulations of the Federal Republic of Nigeria,\u201d. Giving a breakdown of the imposed fines, Okorafor said Standard Chartered Bank would pay a fine of N2.47 billion, Stanbic IBTC, N1.88 billion, Citibank Nigeria, N1.26 billion and Diamond bank, N250 million. Okorafor while explaining the banks\u2019 offences, disclosed that investigations by the CBN revealed that 3.45 billion dollars were repatriated by Standard Chartered Bank on the basis of\u00a0illegally issued CCIs. Similarly, he said the sums of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were repatriated by Stanbic IBTC Nigeria, Citibank Nigeria and Diamond Bank Plc, respectively during the period 2007 and 2015. He said the CBN had directed the affected banks to pay the fines to the apex bank immediately. Okorafor said that \u201cthe CBN investigation further revealed that on account of the illegal conversion of MTN shareholders\u2019 loan to preference shares (interest-free loan) of $399,594,146.00, the sum of $8,134,312,397.63 was illegally repatriated by the company. He advised all banks and multinational companies in Nigeria to adhere strictly to the provisions of all extant laws and regulations of Nigeria in their foreign exchange transactions. He warned that failure by the management of banks and companies to abide by the existing guidelines, they would be appropriately sanctioned adding that the sanctions may include denial of access to the Nigerian foreign exchange market.