Senate probes MTN over alleged capital flight worth $12bn

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 fun ds.