MTN denies illegally moving $13.9b out of Nigeria

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South African telecoms giant MTN has denied illegally moving $13.92 billion out of  Nigeria

The Nigerian Senate resolved on Tuesday to investigate the allegation that MTN, Africa’s biggest telecoms company, illegally transferred the money out of the country.

The resolution followed a motion moved by Sen. Dino Melaye (APC-Kogi) who relied on a point of order to make the allegations.

Melaye had fingered Nigeria’s minister for trade and investment Okechukwu Enelamah as one of the conduits for the illegal transfer that was carried out in 2008.

But MTN insisted that it has done nothing wrong.

“The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria chief executive Ferdi Moolman said in brief statement on Wednesday.

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 330 billion naira in a settlement with Abuja over unregistered SIM cards.

MTN is the largest mobile phone operator in Nigeria, which accounts for around one third of the company’s revenues. The company had threatened to pull out of Nigeria during the dispute over unregistered SIM cards.



7 Comments
  • Arabakpura

    Dino Melaye should be sanctioned if this turns out to be a phantom! He is gradually becoming good at wild allegations!

    • Britex

      have there been proper investigations before u say its wild allegations? let them investigate the issue then we would see the true picture of things.

      • Arabakpura

        Agree and I am also hoping that there is substance in that allegation otherwise, he should also be called to order; but by whom?

  • Britex

    i believe MTN Nigeria should be probed and Telecoms company should be listed on Nigeria stock exchange.

  • Ogbu Nwaeya

    There is no smoke with out fire.The qeustion we must ask are,who are MTN major shareholders in Nigeria?.Are these people also major shareholders in any bank in nigeria?.What is the relationship between these banks and MTN.
    MTN accounts for more 10% of south african stock exchange and more than half of their yearly profits comes from their nigerian operations,Yet they have so far refused to sell shares to nigerians.
    Is this not slavery in the highest order?

    • ifeanyi

      This is the type of foreign investment we get in Nigeria. A foreigner will come to Nigeria with an empty portfolio and access loans from Nigerian banks and we call it foreign investment meanwhile the person is milking the country dry.

  • pmagroup

    Let us not “all that” blame MTN, i personally think we should blame our corrupted government. Trace it is very well, one of the “Big Oga’s” are mostly the people behind this ugly game, it is very shameful and it continues to draw our image as one of the most corrupted country in the world. Our government do not have the interest of the people the are ruling in their hearts, they are there for themselves and there elites. Shameless Nigeria.

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