MTN Denies Illegal Transfer Of $14bn From Nigeria.

South African Telecoms giant, MTN, today denied the allegation that it illegally repatriated 13.92 billion dollars from Nigeria, debunking the claim by saying it was without merit.

While making a statement in Johannesburg, South Africa, the Chief Executive Manager of MTN Nigeria, Ferdi Moolman, stated that;
“The allegations made against MTN are completely unfounded and without any merit,” 
Nigeria’s Senate agreed on Tuesday to investigate the allegation that, Africa’s biggest telecoms company MTN, illegally transferred the money out of the country.

Senator Dino Melaye, who raised the motion, said the illegal repatriation was allegedly facilitated by Dr. Okechukwu Elenemah, the Minister of Trade and Investment and involved Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank.

The allegation threatens to raise tensions between Nigeria and MTN just three months after the South African firm agreed to pay a reduced fine of N330 billion in a settlement over the hefty sanction it attracted over unregistered SIM cards.
The settlement followed interventions by South Africa's President Jacob Zuma and President Barrack Obama.

MTN which is the largest mobile phone operator in Nigeria, had threatened to pull out of Nigeria during the dispute over unregistered SIM cards.

Reuters reports that, about 3% of  MTN's shares fell on Tuesday, 27th day of September 2016 but has increased by 1% today.