Telecommunications giant, MTN Nigeria has claimed that all dividends it paid to its shareholders between 2007 and 2015 were approved by the Central Bank of Nigeria (CBN).

The telecoms company was reacting to the claim by the apex bank that it illegally converted shareholder loans to preference share and repatriated $8.1 billion as dividends during the period under scrutiny.

“MTN Nigeria strongly refutes these allegations and claims. No dividends have been declared or paid by MTN Nigeria other than pursuant to CCIs issued by our bankers and with the approval of the CBN as required by law,” the telecom company said in a statement issued on Thursday morning from its media and corporate affairs desk.

It promised to “engage with the relevant authorities and vigorously defend our position on this matter and provide further information when available”.