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MTN In 13.92 Billion Dollars Scandal

MTN LogoThese are not the best of times for MTN Nigeria as the company is in hot soup for the violation of Nigeria Foreign Exchange (Monitoring and Miscellaneous) Act.

Senator Dino Melaye revealed that MTN illegally repatriated the sum of 13.92 billion dollars out of the country through its bankers.

The lawmaker alleged that MTN transferred the money through Stanbic IBTC, the sum of $4.87bn; Standard Chartered Bank, $5.72bn; Citi Bank, $2.98bn; and Diamond Bank, $0.35bn.

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The senator added that MTN, which is headquartered in South Africa, was incorporated in Nigeria as a private Limited Liability Company on November 8, 2000 and obtained its operating licence with $284.9m on February 6, 2001, alleged that the company did not request the Certificate of Capital Importation for the transaction.

The senator said, “The Senate observes that MTN did not request for the Certificate of Capital Importation from its bankers, Standard Chartered Bank, within the regulatory period of 24 hours of the inflow. The Senate observes also that the CBN was not notified of this inflow by Standard Chartered Bank within 48 hours of receipt and conversion of the proceeds to naira as required by regulations.”

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“It further observes that the sum of $117,683,987bn was also brought in by MTN between 2001 and 2003 in three different tranches. It is concerned that since inception, MTN had sought the collaboration of influential and unpatriotic Nigerians to assist them in looting our external reserves.”