Thursday, August 3, 2017

Video - Nigeria's Senate withdraws report exonerating MTN

Nigeria's Senate has withdrawn a report that largely exonerated South African telecoms giant MTN of illegally repatriating 14 billion dollars. The Senate also rebuked the Nigerian central bank for regulatory failures. The report was almost immediately sent back for further work because it did not capture possible infractions by all stakeholders. The crux of the allegation is that MTN did not obtain certificates declaring it had invested foreign currency in Nigeria within the 24-hour deadline stipulated in a 1995 law, making the repatriation of returns on the investments illegal. MTN has denied any wrongdoing.

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