The Nigerian senate has expressed its displeasure with telecoms giant, MTN over the movement of $14 billion out of Nigeria.
On Thursday, the Senate disclosed that there was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016. The discovery was made after the Senate deliberated on a report by the Senate Committee on Banking, Insurance and Other Financial Institutions on the unethical violation of the foreign exchange policy of the country by MTN Nigeria.
The report read;
“No doubt there is a disturbing evidence of Foreign exchange hemorrhage in Nigeria especially in this period of recession.MTN Nigeria, for instance, repatriated over $1.3 billion annually since 2006, or $13.92 billion between 2006 and 2016.
Just for one company, the phenomenon constitutes a huge outflow that could pose challenges for Foreign exchange and National monetary stability”.
The Senate also issued a directive to the central bank of Nigeria to sanction Stanbic IBTC bank for improper documentation in respect of loan repayment and capital repatriation.