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MTN Nigeria Denies Improper Repatriation of $14b




MTN-NigeriaSouth African telecoms giant – MTN – on Wednesday denied an allegation that it had illegally repatriated $13.92 billion from Nigeria, saying the claim was without merit.

“The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria Chief Executive Officer, Ferdi Moolman, said in a statement in Johannesburg.

Senators agreed on Tuesday to investigate the allegation that MTN, Africa’s biggest telecoms company, illegally transferred the money out of Nigeria.

Senator Dino Melaye (Kogi West) had on September 22 accused MTN Nigeria of money laundering and repatriation of the said amount.

Melaye alleged that the company committed the crime in the last 10 years in connivance with four commercial banks and a serving minister.

Speaking under Order 42 of the senate, the lawmaker said that at this time of economic recession in Nigeria, it was imperative that all hands must be on deck to recover looted funds.

“We are in a precarious situation, and now is the time to recover every stolen money in the country. Between 2006 and 2016, MTN Nigeria, in collaboration with four commercial banks and with the help of a serving Minister, has moved $14 billion out of this country,” Melaye had said.

The allegation threatens to raise tensions between Nigeria and MTN just three months after the South African firm agreed to pay a reduced fine of N330 billion in a settlement over unregistered SIM cards following interventions by Presidents Muhammadu Buhari and Jacob Zuma.

The company had threatened to pull out of Nigeria during the dispute over unregistered SIM cards.

MTN is the largest mobile phone operator in Nigeria which accounts for about one third of the company’s revenues.

MTN shares fell more than 3% on Tuesday, but opened 1% firmer on Wednesday.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.


  1. Douglas

    September 28, 2016 at 3:42 pm

    I will be the happiest man if they left

  2. EE

    September 29, 2016 at 12:59 am

    “Stolen money”, SMH, the ethics of the whole thing aside. Money is worthless. Its value that matters. The Senators should maybe stop and ponder what their actions are doing to Nigeria’s value as an investment market.

    Call me cynical, but I think Dino bear saw the Vestager verdict, converted to dollars ans added .92 for bants sake. He’s probably waiting for a few MTN branded Ghana-must-go bags to show up at his mansion.

  3. adeola

    September 29, 2016 at 2:17 am

    really? and how many people hundreds of thousands will be rendered jobless eh? Sometimes think before typing, it’s not rocket science nah!

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