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Senate Agrees to Investigate MTN Over Alleged $12bn Repatriation

Farouk Mohammed
By Farouk Mohammed
Published: September 22, 2016
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The Senate on Thursday agreed to investigate an allegation that telecommunication giant, MTN Nigeria, repatriated 12 billion dollars out of the country over a 10-year period.

The resolution followed a motion moved by Sen. Dino Melaye (APC-Kogi) who relied on a point of order to make the allegations.

The Senate asked Melaye to present documents at the next legislative day showing evidence of the transfer for immediate investigation.

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Melaye had alleged that the South Africa-owned company had taken away over 12 billion dollars from Nigeria in the last 10 years.

“My respected colleagues, MTN Nigeria paid a sum of 284.9 million dollars on the 6th of February, 2001, to purchase their licence of operations in this country.

“Between 2006 and 2016, through four Nigerian Banks and a serving minister of the Federal Republic of Nigeria, MTN moved over 12 billion dollars out of Nigeria.

“That is about half of our external reserves.
“If I get the nod of the Senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position,” he said.

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MTN was involved in a dispute with the Federal Government over the non-registration of 5.2 million subscribers in 2015.

The government subsequently imposed a fine of N1.04 trillion on the firm but later reduced it to N330 billion after negotiations but the company has paid N50 billion of the agreed sum.

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ByFarouk Mohammed
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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
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