MTN refutes allegations of improper repatriation of funds

MTN Group
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(Last Updated On: 2016-09-28)

MTN Nigeria has refuted allegations of improper repatriation of funds from its Nigeria operation.

The telecommunications giant in a statement issued by the MTN Group’s Corporate Affairs in Johannesburg over the matter said, “MTN’s attention has been drawn to various media reports containing allegations of improper repatriation of money out of Nigeria by the company. The reports refer to allegations made on the floor of the Senate that MTN had illegally repatriated $13.92 billion out of Nigeria over a period of 10 years in collusion with a number of commercial banks.

According to MTN Nigeria CEO, Ferdi Moolman, “The allegations made against MTN are completely unfounded and without any merit”.

The Chairman, Senate Committee on the FCT, Senator Dino Melaye (APC, Kogi West) accused the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah of colluding with ‎MTN to illegally move $13.92billion out of Nigeria between 2006 and 2016 to the company’s home country of South Africa.

Moving a motion on the floor of the Senate on Tuesday, Melaye said, “The senate notes with serious concern the repatriation of $13.92bn illegally out of Nigeria by Mobile Telecommunication Limited (MTN) through its‎ bankers between 2006 and 2016.

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