MTN on Wednesday denied allegations “of improper repatriation of money out of Nigeria by the company”.
In a statement‚ it said it had been made aware of claims “made on the floor of the Senate that MTN had illegally repatriated $13.92-billion out of Nigeria over a period of 10 years in collusion with a number of commercial banks”.
BDlive reported that the news sent the share price down about 3% to close at R119.77‚ and that Nigeria’s senate said on Tuesday it would investigate the claim thoroughly.
Analysts expressed doubts about the veracity of the claims and how this had gone undetected for such a long time‚ especially since the Nigerian authorities had tight controls on foreign exchange.
The accusation comes a few months after MTN agreed to pay about $1-billion in a fine to the Nigerian government and to list its local unit on the country’s stock exchange.
That penalty was levied for missing a deadline to disconnect 5.1-million unregistered customers in the country.