Nigerian Senators, led by Senator Dino Melaye, have called for investigation into telecommunications company, MTN, over alleged unlawful withdrawal of billions of dollars from the country’s economy.

Mr. Melaye of Kogi west senatorial district had accused MTN of illegally moving around $13.92billion out of the nation’s economy. He made this statement during a senate plenary on Tuesday, September 27 as he moved a motion for the passage of a bill tagged “Unscrupulous Violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.”

The motion was seconded by Senator Akpan Bassey from Cross River state who supported that the allegations against MTN violated the legal financial provisions of Nigeria and should be properly investigated.

MTN has however refused to comment on the allegations. It wrote: “A spokesman for Johannesburg-based MTN wasn’t immediately available to comment. “The shares fell as much as 4.4 percent, what would be the biggest fall on a closing basis since June 27, and traded 2.8 percent lower at 120.50 rand as of 1:06 p.m. in Johannesburg.

“The accusation comes a little over three months after MTN agreed to pay a 330 billion naira ($1 billion) fine in cash to the Nigerian government and list its local unit on the country’s stock exchange after about eight months of negotiations. The penalty was levied for missing a deadline to disconnect 5.1 million customers unregistered in the country.”

In the interim, President Muhammadu Buhari has been dragged to court over the recent fine reduction granted to MTN.


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