MTN illegally transferred 'thoughts boggling' sum out of Nigeria, lawmaker tells listening to

Tiisetso Motsoeneng and Camillus Eboh the amount of cash which South Africa's MTN group (MTNJ.J) is alleged to have illegally moved out of Nigeria is "mind boggling", a Nigerian lawmaker said on Thursday at the begin of a parliamentary research into the telecoms company.

He did no longer specify what the alleged quantity might be.

Nigeria's higher house of parliament agreed ultimate month to analyze whether or not the business enterprise unlawfully repatriated $thirteen.92 billion among 2006 and 2016.

MTN stocks fell 3.2 percent to greater than six-year lows after Bloomberg quoted a senator as saying the amount will be "outrageously higher". The shares later pared some losses.

The accusations of illegal cash transfers were denied through MTN Nigeria chief govt Ferdi Moolman, who appeared on the listening to.

"MTN categorically denies all tips that its bankers in strict violation of the FEMM Act (forex (tracking and Miscellaneous Act) and forex guide, repatriated $13.92 billion illegally out of Nigeria," stated Moolman.

The allegation is the modern setback for Africa's largest telecoms company in its maximum beneficial but increasingly more maximum elaborate marketplace, coming months after it agreed to pay a greatly decreased fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM playing cards.

MTN officials, Nigeria's trade minister and four lenders were because of appear at the parliamentary listening to, which started on Thursday.

"It isn't always what we are able to sweep beneath the carpet. We intend to get to the bottom of the reality, all the reality, not anything however the reality," stated Olusola Adeyeye, a senator, reading out a assertion from Senate chief Bukola Saraki, said at the begin of listening to.

Dino Melaye, the senator who first made the allegations in a movement exceeded by way of lawmakers ultimate month, stated he raised the problem "as a patriotic Nigerian, a whistleblower and an anti-corruption crusader", adding that he stood by using the allegations.

MTN is the largest cell network operator in Nigeria, Africa's most populous country and has the continent's biggest financial system. The u . s . bills for a 3rd of MTN's revenue.

It follows a row among South African resort and gaming group solar international (SUIJ.J) and Nigeria's economic and monetary Crimes commission over its funding in a inn operator in Lagos. The disagreement brought about solar worldwide to drag out of Nigeria in August.

Rafiu Ibrahim, chairman of Nigeria's senate investigative panel on alleged unlawful repatriation of price range, stated on Wednesday that a crew of worldwide and neighborhood accountancy professionals and attorneys have been assembled to look into the problem.

"traders are nervous with what's taking place with Nigeria simply due to the fact the beyond records has proven us that generally the authorities has a tendency to move the goal posts," unbiased Securities dealer Ryan Woods said.