plaetton:

Better.

If there is evidence of tax evasion, then that is a separate issue that should be easily investigated and appropriately sanctioned.

Otherwise, I just don't see the reason for the brouhaha that a company smuggled its own CAPITAL out of borders. It's a simple Flight to Safety.

Rather than sulking and scapegoating MTN, we should be alarmed at the deteriorating economic conditions and policy flip flops that imperil the free flow of CAPITAL into and within our economy.

But I tout u readthe article.

MakeWeTalk:
Can anybody blame them?

They know that Buhari will devalue their money.

It's Nigerians I blame, u voted in an illiterate

going by the op's write up I can confidently say you are the original illiterate!!!! Every other one is fake!!!! Learn to read and comprehend before talking.

verygudbadguy:


It does. We wanted to procure ammunition with the so called cash in an arms company in SA but it was illegally moved in.

MTN illegally moved money out of Nigeria.

Does it make sense now?

Hahahahahahaha..........

Chaiiiii!!!!!!!

wasiudvd:


Mr Canavaro, defender of the universe.
it is alleged that the transfer is against the rule, investigation has commenced.
why defending him?

Only if you do read and understand!

It is one thing to read and another to understand.

longerthroat:



when will adults stop reasoning from anu.s? every country has its own laws concerning international money transfer. Cristiano Ronaldo was seen with €50,000 heading to Portugal from Spain, and it was seized from him. what is his weekly wage? is it not his money? but it was because he broke the country's money transfer policy. let's start seeing things for on a more sensible angle and stop antagonizing ourselves. Take it or leave it, Nigeria is our country and will remain, if e vex you more, Bro kindly port to Benin republic.

Bet, we do not know yet if any law was contravened. Lets wait and see na....

YorubaStinks:
What type of Fuckery is this ??

They're not Nigerian company or affiliated with Nigerian government, Mtn is a south African company, they have the fucking right to transfer any amount of money they want to any country in the world


What do you want them to do ??
Run their business and then deposit all of their money into a Nigerian Bank account ??

Your government fined Mtn 40 billion naira and they paid up
Now, you are looking for another Fuckery to extort money from them

Mtn have done better than the Nigerian government in the history of Nigeria, do you know how many jobs they provide for Nigerians ?? Do you know how much revenue they bring to Nigeria ?? Do you know how much they pay in taxes to the Nigerian government ??

In one sentence, tell me what the Nigerian government have ever done for any Nigerian, dead or alive


Fuckery

Ur post shows how ignorant u are, just too fast to type ah

plaetton:

How many airlines are shutting down or moving out of Nigeria ?
How many companies have moved their operations out of Nigeria over the past year and half ?
Part of the reasons is that aside from not being able to repatriate their profits, the present government actually CHEATS them by mandating them to use unfavourable fixed exchange rates for their businesses.

CAPITAL always looks for safety .
CAPITAL always takes flight when it feels unsafe.

There are no sentiments and no patriotism in CAPITAL.

Even ordinary Nigerian politicians and citizens move their CAPITAL to safety, talkless of a foreign corporation with a fiduciary responsibility to its home shareholders.

Governments all over the world do a lot of things, grant a lot of concessions to woo CAPITAL, not wage a moronic war against CAPITAL.

That is not the point. You must obey the rules set by your host country.
If they can flout money transfer rules, who knows which other rules they are flouting that are more difficult to detect.

US govt has fined many foreign banks & investment companies lots of money. Deustsche Bank is currently in soup for breaking banking rules.
Those banks provide lots of high calibre jobs in America & internationally.

Not a matter of developed or developing world. It is a matter of sovereignty. Rules are rules. Fair or unfair. They had the option of pulling out like some other companies did. People who voted in Buhari should be ready to bear the economic consequences. They can correct it in the next election if they want.

But first their wishes must be respected including the bad policies of those they elected. That is the way democracy works & that is why GEJ did not hold on to power knowing that voters had chosen "the old ways of doing things" that has no place in the 21st century instead of his own "new ways of doing things" that brought huge economic growth.

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

does glo not transfer money they make in Ghana to Nigeria?

soberdrunk:
Am all for the "anti-corruption" crusade but they should apply "wisdom" in this case!! Yes we all know MTN nah thief but they are also a "massive" employer of "Labour" ooo, at this point in time, we cannot afford to loose 'Mtn jobs' ooooo!!

Which employment are we talking about here? Are you aware MTN has laid off most of its Nigerian workforce under the guise of outsourcing just more than a year ago? Let us join hands together and do the needful,that is by getting rid of corruption from our national psyche.

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

Look at your ignorant self. You are quick to defend MTN and sell out your own people without finding out if they followed due process in repatraiting their monies. Its people like you that will be shouting "due process" when it concerns buhari your nemesis. Bunch of hypocrites.

olash007:





But I tout u readthe article.

Don't mind the wailer. they can never be objective, without dragging in personal sentiments. its a curse.

lanreni:

Look at your ignorant self. You are quick to defend MTN and sell out your own people without finding out if they followed due process in repatraiting their monies. Its people like you that will be shouting "due process" when it concerns buhari your nemesis. Bunch of hypocrites.

Lol @ Buhari is nemesis.

Indeed.

seunmsg:


Go and read the OP again and stop making illogical comments. MTN has been transferring the money since 2006 and the previous PDP governments did nothing about it. In fact, officials of the past regimes collaborated with them to perpetrate this scam against the Nigerian people. We should commend the present government for bringing this out in its bid to rid the country of all sorts of corruption instead of calling the war on corruption a moronic war.

Going forward, MTN should be forced to enlist on the Nigerian stock exchange. By so doing, management will be more diffuse and they will have to make more public disclosure of their financial statements. Regulators and interested members of the public will also be able to monitor them more effectively on issues like capital flight.

how would you like it if you were forced to sell your business by fire by force. E de sweet you because na anoda pesin get am. Stick wen dem de take beat first wife full ground for the second wife

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

Thank you.

HungerBAD:
By Tiisetso Motsoeneng and Camillus Eboh

JOHANNESBURG/ABUJA (Reuters) - The amount of money which South Africa's MTN Group <MTNJ.J> is alleged to have illegally moved out of Nigeria is "mind boggling", a Nigerian lawmaker said on Thursday at the start of a parliamentary investigation into the telecoms company.

He did not specify what the alleged amount might be.

Nigeria's upper house of parliament agreed last month to investigate whether the company unlawfully repatriated $13.92 billion between 2006 and 2016.

MTN shares fell 3.2 percent to more than six-year lows after Bloomberg quoted a senator as saying the amount could be "outrageously higher". The shares later pared some losses.

The accusations of illegal money transfers were denied by MTN Nigeria Chief Executive Ferdi Moolman, who appeared at the hearing.

"MTN categorically denies all suggestions that its bankers in strict violation of the FEMM Act (Foreign Exchange (Monitoring and Miscellaneous Act) and Foreign Exchange Manual, repatriated $13.92 billion illegally out of Nigeria," said Moolman.

The allegation is the latest setback for Africa's biggest telecoms firm in its most lucrative but increasingly most problematic market, coming months after it agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM cards.

MTN officials, Nigeria's trade minister and four lenders were due to appear at the parliamentary hearing, which started on Thursday.

"It is not what we can sweep under the carpet. We intend to get to the bottom of the fact, all of the fact, nothing but the fact," said Olusola Adeyeye, a senator, reading out a statement from Senate leader Bukola Saraki, said at the start of hearing.

Dino Melaye, the senator who first made the allegations in a motion passed by lawmakers last month, said he raised the issue "as a patriotic Nigerian, a whistleblower and an anti-corruption crusader", adding that he stood by the allegations.

MTN is the largest mobile network operator in Nigeria, Africa's most populous nation and has the continent's biggest economy. The country accounts for a third of MTN's revenue.

It follows a row between South African hotel and gaming group Sun International <SUIJ.J> and Nigeria's Economic and Financial Crimes Commission over its investment in a hotel operator in Lagos. The disagreement caused Sun International to pull out of Nigeria in August.

Rafiu Ibrahim, chairman of Nigeria's senate investigative panel on alleged illegal repatriation of funds, said on Wednesday that a team of international and local accountancy experts and lawyers had been assembled to look into the matter.

"Investors are nervous with what's happening with Nigeria purely because the past history has shown us that typically the government tends to move the goal posts," Independent Securities trader Ryan Woods said.

($1 = 304.5000 naira)


(Additional reporting by Ulf Laessing in Lagos; editing by Jason Neely and David Evans)

http://finance.yahoo.com/news/mtn-might-illegally-transferred-over-14-billion-nigeria-092407826--finance.html

This is another nonsense and people are hating and cursing themselves. Before fighting, did the law maker(so-called), while tendering his case, state/quote what the due process/Law/Rule is as regards to transfer of fund; and what the alleged illegal repatriation was? That supposed to be incorporated in his submission to the house which will clearly inform curious Nigerians about the investigation he is calling for. He pledged to get to the FACT but we are ignorant of what the FACT is; and at the end of the hearing and/or investigation, how can Nigerians ascertain that the outcome is the FACT?

In my personal view, if they have declared their profits, pay their obligatory income tax and without any money laundering accusations, it's only irrational to question what they do with their money.
Remember they make profits somewhere and invested it in Nigeria. Likewise they can make profits here and invest somewhere. If it hurts u, do the same.
B4 I 4get, this will fizzle into air.
And for those that will hate, tell your maker law to tell us the channel through which mtn repatriated their profits for the said years and the supposed route they should have employed.

kaboninc:


Walahi...some of us get balls!

I wonder what you actually know. I'm so sure you're one big, steadfast, honest and brave ignorant fellow. Not everybody who is on NL is your class or have same knowledge as you. Some of us behind this moniker are more than what you can every imagine.

I hope you have seen this:

https://www.nairaland.com/3422610/mtn-admits-moving-out-13.9

Next time don't talk about what you don't know...stop displaying your ignorance in public.

The MTN you are defending have come out to admit their crime just as i have predicted. The federal government should beem it's search lights on MTN as soon as possible, they have a well established reputation for fraud.