Senate to Probe MTN Over $12bn Capital Flight

For allegedly repatriating $12bn dollar to its parent company in South Africa over a 10-year period, the Senate on Thursday ordered the investigation of MTN Nigeria.

The decision to probe the telecommunications firm followed a montion moved by Senator Dino Melaye, who raised a point of order to make the allegation.

He said, “My respected colleagues, MTN Nigeria paid a sum of $284.9m 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 $12bn 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.”

The Senate subsequently asked Melaye to present documents at the next legislative sitting as evidence of the repatriation of the funds.