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Senate attacks MTN for transferring $14 billion out of Nigeria

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.

Senate attacks MTN for transferring $14 billion out of Nigeria was last modified: July 28th, 2017 by John Saleh Aminu
John Saleh Aminu

John Saleh Aminu is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria. JSA, as he is fondly called, resides in Suleja, Abuja.

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