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MTN Got Down In Rumble N Tumble Over 'missing' $13.9bn


Senators have called for investigation of
telecommunications company, MTN over allegations of illegally withdrawing money running into billions of dollars from the Nigerian economy.
Leading the charge is Senator Dino Melaye of Kogi west senatorial district, who accused MTN of illegally moving around $13.92billion out Nigeria.

Melaye made this statement during senate plenary on Tuesday, September 27 as he moved a motion for the passage of a bill tagged “Unscrupulous Violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.”
The motion was seconded by Senator Akpan Bassey from Cross River state who added that the allegations against MTN violated the legal financial provisions of Nigeria and should be properly investigated.
Bloomberg reports that MTN refused to comment on the allegations when called on Tuesday.
It wrote: “A spokesman for Johannesburg-based MTN wasn’t immediately available to comment.


“The shares fell as much as 4.4 percent, what would be the biggest fall on a closing basis since June 27, and traded 2.8 percent lower at 120.50 rand as of 1:06 p.m. in Johannesburg.

“The accusation comes a little over three months after MTN agreed to pay a 330 billion naira ($1 billion) fine in cash to the Nigerian government and list its local unit on the country’s stock exchange after about eight months of negotiations. The penalty was levied for missing a deadline to disconnect 5.1 million customers unregistered in the country.”
Meanwhile, President Muhammadu Buhari has been dragged to court over the recent fine reduction granted to one of the telecommunications companies, MTN.

In a suit filed by a human rights activist and lawyer Edward Omaga, the president, the minister of communication Adebayo Shittu and three others have been accused of "illegally" reducing the fine imposed on MTN.

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