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MTN is currently under investigation by the Nigerian Senate for allegedly transferring $13.9 billion dollars out of the country illegally. This accusation was made by Senator Dino Melaye last month, and the investigation officially commenced on Thursday.
Senate President, Bukola Saraki’s statement at yesterday’s investigative hearing. In his words, “The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession. We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not witch-hunt but a fact-finding exercise.”
Called it! It looks, smells, feels, and now speaks like a shakedown fact-finding exercise. The Chairman of the Investigative Committee, Rabiu Ibrahim created a Twitter thread detailing what went on at the session.
This whooping amount of money illegally repatriated by @MTNNG is all enough to pull the country out of recession. @MBuhari@bukolasaraki
No ill feelings. But it’s incumbent upon us to ensure that such diabolical breach of constitutional process is brought to book.#MTNforex
No ill feelings. But it’s incumbent upon us to ensure that such diabolical breach of constitutional process is brought to book.#MTNforex
@rafiuibrahim I would counter that it’s incumbent upon you to explain what “illegally repatriated” means. It’s MTN’s money isn’t it??
MTN Nigeria has, of course, denied these allegations. According to the company, all their activities have been legal, and they arranged for audits to make sure there was enough capital available with financial statements for the years in question. In CEO Ferdi Moolman‘s words, “The allegations made against MTN are completely unfounded and without any merit.”
In the midst of all this, MTN has suffered significant loss, with share prices falling 2.3% to $7.7 – its lowest since July 2010. This investigation is one more episode in theseries of unfortunate events that have plagued MTN in Nigeria.
Maximum cooperation from all regulatory authorities is all needed. Any failure to do so or sense of jeopardizing will not be tolerated.
@rafiuibrahim tell your senators I said the Senate is Nigeria’s biggest and most expensive beer parlour.
You people are all unserious
