Health Care

Nigerian Senate exonerates MTN over fund repatriation

Nigerian Senate exonerates MTN over fund repatriation”

Parliament's upper house agreed in September 2016 to investigate whether MTN unlawfully repatriated Dollars 13.92 billion from Nigeria, which generates one third of its revenue, between 2006 and 2016.

As for the Central Bank of Nigeria, the senate committee said its failure to properly regulate foreign exchange should be condemned.

"Mandate the CBN to sanction Stanbic IBTC for improper documentations in respect of capital repatriation and loan repayments amounting to $388,195,183 and $199,440,952:07, respectively". MTN, for instance, repatriated over $1.3 billion annually since 2006 or $13.92 billion between 2006 and 2016.

"There was evidence of massive capital outflow but that fact alone is not conclusive that a crime has been committed", the report said.

MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of nearly $14 billion were unfounded and the wireless company hadn't violated the law.

The Senate motion said Stanbic IBTC, Standard Chartered Bank, Citigroup and Diamond Bank were involved in the alleged illegal transfers, while Trade and Investment Minister Okechukwu Enelamah was among people used by MTN to help repatriate the funds.

The report has now been "withdrawn for consultations and further legislative work", said the other person with knowledge of the investigation.

Nigeria's decision to drop the case indicates that relations between the government and the country's mobile market leader are on the mend following the settlement of a $1 billion fine previous year.

MTN informed investors that the dispute has been resolved with the Federal Government of Nigeria (FGN). That values Africa's biggest mobile-phone company by sales at 242 billion rand ($17 billion).

The Naira 260 billion outstanding will be paid off as follows - Naira 30 billion on 8 July 2016, Naira 30 billion on 31 March 2017, Naira 55 billion on 31 March 2018, Naira 55 billion on 31 December 2018, Naira 55 billion on 31 March 2019 and Naira 55 billion on 31 May 2019.



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