At the commencement of investigative hearing into the alleged illegal repatriation of $13.9 billion out of the country by MTN yesterday, the company told the Senate Committee on Banks, Insurance and Other Financial Institutions, that circumstances compelled it to move funds without observing the law.

The Senate had on September 27, 2016, alleged that MTN in connivance with the Minister of Trade and Investment, Okechukwu Enelamah, and four commercial banks exploited the porous Nigerian financial system to move the money out of the country without the required authorization.

According to This Day, the upper legislative chamber according to a motion moved by Senator Dino Melaye (Kogi West) on September 27, alleged that MTN smartly beat Nigeria's financial regulatory laws by failing to obtain a certificate of capital importation (CCI) as authorised by CBN Financial and Miscellaneous Act within 24 hours between 2006 and 2016 before moving the money out of the country.

It further alleged that the repatriation was done through four banks, viz: Standard Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank.

The Chief Executive Officer (CEO) of MTN, Fedi Moolman, admitted that the company moved funds without complying with the 24-hour order for the issuance of CCI, saying it was practically impossible to do so.

Nevertheless, he stated that the action was taken without any deliberate intention to flout Nigerian laws but was rather compelled to do so because of circumstances which he said made it impossible for it to observe the 24-hour provision in the Act for issuance of CCI.

He said: "There was no intention to flout the rule and regulation. The 24-hour rule is not in all cases practicable and it is almost impossible to comply with."

However, the Chief Executive Officer (CEO) of MTN, Fedi Moolman, admitted that the company moved funds without complying with the 24-hour order for the issuance of CCI, saying it was practically impossible to do so.

Nevertheless, he stated that the action was taken without any deliberate intention to flout Nigerian laws but was rather compelled to do so because of circumstances which he said made it impossible for it to observe the 24-hour provision in the Act for issuance of CCI.

He said: "There was no intention to flout the rule and regulation. The 24-hour rule is not in all cases practicable and it is almost impossible to comply with."
http://www.thisdaylive.com/index.php/2016/10/21/mtn-admits-non-compliance-with-extant-law-on-repatriation-of-13-9bn/

And you owe that country over $5 billion

For real?

I can't blame Mtn, they know everything goes in Nigeria

OK

Sorry if this is silly...

Just my own take

Abeg na government money them move

When some thieves dey busy dey carry Naija people money.... Should there be certain protocol you have to follow before handling your own hard earned money


Abi na the money cause our economy issue


Meanwhile see Wetin Eric Baily dey wear

This can only happen in a country with absolute corrupt leaders...

I wonder what would have happened if a Nigerian coy did such n SA

but they would never agree moving my precious 100naira

Fraudsters and their local accomplices.

Please tell us what this amount represent in your business? I just hope its not support for terrorism.

Is it for sale of sim cards, BOGOF, branded 2G phones, data, optic fibre, VISAGONE networks or what?

Useless network.

That means someone may soon be in trouble

Wariz this that I'm hearing ehn Osinbade?

ok

Thieves

Another Buhari's minister implicated once more

chaiii! mtn.....since they have confessed, they should be appropriately punished and everyone who is implicated in this should not be spared.

Corruption Everywhere

And Nigeria Govt is looking for where to borrow $1Billion .

They should send this thieves out of Nigeria

Let's free Mtn, at least they are honest, our useless politicians will forming saints have moved more out of the country. Where did our 20bn dollars go too,

Is it not their money or is it Nigeria's money So did they enter CBN to take this amount?

Thanks to our system that is so porous that anyone can do as they like in collaboration with our corrupt officials,for this to have been possible money must have changed hands for the officials to look the other way

Let them bring back our tax joor

You don't want to imagine the consequences if a Nigerian or other African company does this in South Africa, maybe another xenophobia will unfold.
Please, justice should be served appropriately.

Circumstance made u not observe the law.

That is interesting.

If this is true, then the law should take his course.
“MTN gate” Should open for investigation

All business are tricky

E don baje for MTN

BUHARI IS A FOOL.... TUFIAKWA

I think it should be:

Enouwem:
Wariz this that I'm hearing ehn Okechukwu Enelamah ?

Xxpress:
I can't blame Mtn, they know everything goes in Nigeria

Nigeria is there Chairman.

waiting for fayose to admit he recieve some sum from Ｋoro