MTN in another controversy. Denies transferring billions of dollars from Nigeria.

Interestingly, last week, one of my sources was telling me of the incredible amount of money that has been allegedly syphoned out of Nigeria by MTN with the connivance of money worshipping Nigerians. It would have been more difficult for this alleged crime to take place without the cooperation of `Nigerians. It is no longer astounding. It has become the way of life for Nigerians to do anything for money.  MTN must be investigated, and if the allegation is found to be true, the stiffest of financial punishments must be belted out. – Jide Salu


South Africa’s telecom giant MTN has denied allegations by Nigeria’s lawmakers that it repatriated millions of dollars to South Africa, the Reuters news agency reports.

In a statement it says that “the allegations made against MTN are completely unfounded and without any merit,” the report says.

We reported yesterday that lawmakers in Nigeria’s upper house of parliament had decided to investigate an allegation that the company illegally transferred nearly $14bn (£11bn) out of the country between 2006 and 2016.

The allegation was made in a motion submitted by Senator Dino Melaye which said the money had been repatriated “illegally” out of Nigeria by MTN through its bankers   

With 62 million subscribers, Nigeria is the company’s biggest market. 

The investigation comes just three months after MTN agreed to pay a reduced fine of about $1bn in a settlement with the Nigerian  government over unregistered Sim cards.



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