MTN Nigeria refutes allegations of improper repatriation of $13.92 billion

MTN Nigeria has issued a statement strongly refuting allegations of improper repatriation of $13.92 billion out of the country (Nigeria).

Some reports recently suggested that MTNNigeria is under investigation for illegally repatriating the funds in collusion with a some commercial banks out of Nigeria over a ten-year period.

“You may have seen various media reports containing allegations of improper repatriation of money out of Nigeria by MTN. The reports refer to allegations made on the floor of the Nigerian Senate that we had illegally repatriated $13.92 billion out of Nigeria over a period of 10 years, in collusion with a number of commercial banks,” said the MTN Group press statement.

MTN Nigeria CEO Ferdi Moolman has today been quoted as saying, “Allegations made against MTN Nigeria are completely unfounded and without any merit.”

Earlier this week Reuters, a global news agency reported that lawmakers in the Nigerian Senate would investigate the allegation. Bloomberg another news agency had reported that Nigerian Senator Dino Melaye had submitted a motion to the upper house last week.