MTN denies illegal transfer of $14b from Nigeria

AFP, ABUJA: South Africa’s MTN has denied allegations it illegally transferred $13.9 billion from Nigeria with the collaboration of top officials, in the latest scandal to hit the telecoms company in its largest market on the continent.
The Johannesburg-based firm is facing a parliamentary probe over accusations it connived with senior Nigerian officials to move the funds out of the country without complying with the law.
A parliamentary source and local media said the funds were allegedly repatriated between 2006 and this year.
“We would like to reiterate that at no point did MTN Nigeria (MTNN) illegally repatriate funds out of Nigeria or collaborate with Nigerians to loot the external reserves of the country,” Ferdinand Moolman, chief executive officer of MTNN, told the Senate hearing in Abuja on Thursday.
“MTNN is a Nigerian company and is proud to be conducting business in Nigeria. It therefore categorically refutes any accusations of money laundering, economic sabotage or tax evasion levied against it,” he added.

MTN denies illegal transfer of $14b from Nigeria

AFP, ABUJA: South Africas MTN has denied allegations it illegally transferred $13.9 billion from Nigeria with the collaboration of top officials, in the latest scandal to hit the telecoms company in its largest market on the continent. The Johannesburg-based firm is facing a parliamentary probe over accusations it connived with senior Nigerian officials to move the funds out of the country without complying with the law. A parliamentary source and local media said the funds were allegedly repatriated between 2006 and this year. We would like to reiterate that at no point did MTN Nigeria (MTNN) illegally repatriate funds out of Nigeria or collaborate with Nigerians to loot the external reserves of the country, Ferdinand Moolman, chief executive officer of MTNN, told the Senate hearing in Abuja on Thursday. MTNN is a Nigerian company and is proud to be conducting business in Nigeria. It therefore categorically refutes any accusations of money laundering, economic sabotage or tax evasion levied against it, he added.