MTN facing fresh allegations of misconduct in Nigeria
MTN Nigeria is facing fresh allegations of misconduct with authorities accusing the operator of illegally moving $14 billion (R189.8 billion) out of the country, Bloomberg reported.
Dino Melaye, the politician who made the motion, accused MTN of repatriating the money over a period of 10 years beginning in 2006, with the help of four different banks.
The accusation comes just over three months after MTN agreed to pay a 330 billion naira (R14 billion) fine, and agreeing to list its local division on the Nigerian stock exchange for missing a deadline to disconnect 5.1 million unregistered SIMs from its network.
Nigeria’s telecommunications regulator also recently blocked MTN’s bid to take over the frequency spectrum of Visafone, which it agreed to buy in January, Bloomberg reported.
The Nigerian senate said that the “weighty allegations” regarding MTN secretly moving funds offshore would be investigated thoroughly by the committee on Banking, Insurance, and other Financial Institutions.
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