By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: MTN’s $13.9bn Alleged Repatriation Could Pull Nigeria Out Recession – Saraki
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

MTN’s $13.9bn Alleged Repatriation Could Pull Nigeria Out Recession – Saraki

Farouk Mohammed
By Farouk Mohammed
Published: October 20, 2016
Share
3 Min Read
SHARE

Saraki

Telecommunication giant, MTN allegedly repatriated $13.9 billion. Senate President said the amount could pull out Nigeria out of the current economy recession.

saraki11-2-1-1-1-1024x681-1024x681-2-1024x681-1024x681-1-1024x681-1-1024x681-1024x681-1024x681-1

Contents
SarakiTelecommunication giant, MTN allegedly repatriated $13.9 billion. Senate President said the amount could pull out Nigeria out of the current economy recession.The President of the Senate, Dr Bukola Saraki said on Thursday that the $13.9 billion allegedly repatriated by MTN Nigeria was enough to pull the country out of recession.
The President of the Senate, Dr Bukola Saraki said on Thursday that the $13.9 billion allegedly repatriated by MTN Nigeria was enough to pull the country out of recession.

Saraki disclosed this while opening the legislative hearing on the alleged repatriation of the funds by MTN, nation’s giant telecoms provider, in connivance with some Nigerian banks and individuals.

The investigative hearing is being conducted by the Senate Committee on Banking, Insurance and Other Financial Institutions.

The President of the Senate, who was represented by the Majority Whip of the Senate, Olusola Adeyeye said that the amount involved was mind boggling.

- Advertisement -

“The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession.

“We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not witch-hunt but a fact finding exercise.

“This 8th senate has devoted a lot of attention on legislations that will improve the business environment.

“This hearing goes to show this commitment and so we expect maximum cooperation from the regulatory authorities; failure to do so will mean culpability.

- Advertisement -

“We intend to get to the bottom of this and get the facts and nothing but the fact.

“At the end of this, based on the calibre of people that are here, Nigerian will get to know the truth about what transpired,” he said.

Saraki urged the committee to be thorough in their investigation.

In his opening remark, the Chairman of the Committee, Sen. Rafiu Ibrahim, said that the investigation was not a witch-hunt but an avenue to block loopholes and revenue leakages.

He berated the individuals, who did not honour the invitation of the senate, stressing that they would be handled appropriately.

Meanwhile, Sen. Dino Melaye, alleged that the crime of repatriating funds was not done by only MTN.

Melaye, who blew the whistle on MTN on the alleged repatriation, said that a number of multinational companies were also engaging in repatriation of funds.

He expressed hope that those companies which had been engaging in the repatriation would also be uncovered by the investigation.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:MTNNigeriaRecessionSaraki
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Nigerian Navy Releases Names of 2850 Successful Candidates for 2016 Recruitment
Next Article Someone Recommended Me For Vice President Position – Osinbajo

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire
International
FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service
News
FG Allocates N1.6tn to States, FCT for Infrastructure and Security Over 15 Months
News
PDP Crisis Deepens as Rival Factions Prepare for Separate NEC and National Caucus Meetings in Abuja
Politics Top stories
Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
- Advertisement -
Ad imageAd image

You May Also Like

Security

Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
InternationalNews

Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?