Share

MTN denies it ‘illegally’ moved $14bn out of Nigeria

Cape Town - Africa’s biggest mobile network MTN has hit back at reports about allegations that it illegally repatriated R187bn ($13.92bn) out of Nigeria.

Reports on Tuesday emerged that Nigerian lawmakers have raised the fresh allegations and that the country’s Senate was set to investigate the matter.

Nigerian politician, Dino Melaye, has made a motion accusing MTN of repatriating the funds over 10 years starting in 2006, Bloomberg reported on Tuesday.

Four banks involved in the alleged illegal transfers are Citigroup, Standard Chartered, and Nigerian lenders Stanbic IBTC Holdings and Diamond Bank, the Bloomberg report said.

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

This is just the latest controversy to hit MTN in Nigeria, its biggest market where it has around 50 million subscribers.

Regulators in Nigeria slapped MTN with a $3.9bn dollar fine last year for failing to meet a deadline to disconnect 5.1 million unregistered SIM cards.

MTN negotiated with regulators and the Nigerian government and then came to a deal earlier this year to pay 330 billion naira ($1bn) as part of a settlement.

MTN Nigeria also agreed to list the company on the West African nation’s bourse.

MTN operates in 22 countries across Africa, the Middle East and Asia and it has over 230 million subscribers.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.96
-0.1%
Rand - Pound
23.92
-0.1%
Rand - Euro
20.43
+0.0%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders