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Nairaland Forum / Science/Technology / Phones / MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News (25238 Views)
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MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by HungerBAD: 12:56am On Oct 21, 2016 |
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 1 Like 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by mynaijainfo(m): 12:59am On Oct 21, 2016 |
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Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Nobody: 1:06am On Oct 21, 2016 |
As dem transfer am na so we too suppose transfer dem 2 #theotherroom 3 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by plaetton: 3:38am On Oct 21, 2016 |
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. 67 Likes 3 Shares |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by papaejima1: 3:45am On Oct 21, 2016 |
N500 million bribe at work. Nothing will happen to them as far as they have settled the person in the other room at the rock.. Better still another N200 million will make Dino and other lawmakers happy. The oil has finally touched all the mouths and the crime can now go on. 16 Likes 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by aguiyi2: 4:19am On Oct 21, 2016 |
Law makers will ruffle a few feathers and will get their beaks wet. 5 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by wristbangle: 4:35am On Oct 21, 2016 |
If MTN chooses to leave Nigeria, they will be on the loosing side more. Imagine 35percent of their mainstream are in the most populous country in Africa. Meanwhile these crooks are extremely corrupt due to the crusade of calibres at the helm of power hence giving them the opportunity to practice illegal acts. Can a Nigerian company if they invest in SouthAfrica do this kind of act? 8 Likes 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by modath(f): 4:46am On Oct 21, 2016 |
plaetton: You don't have to care for something or someone your being reviles for reasons that can't be rationally justified but always care for the truth and always try to patiently read for comprehension sake.....soliciting for LIKES? Didn't know "present managers have been there since "2006"? ![]() ![]() ![]()
You have always "said", but kindly share what you "said" to past governments when oil price was in the stratosphere? ![]() There is criticism & there is deep seated bias!! 49 Likes 5 Shares |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by seunmsg(m): 4:51am On Oct 21, 2016 |
plaetton: 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. 57 Likes 5 Shares |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by chumakk: 6:07am On Oct 21, 2016 |
If you senators and your business friends invested in Nigeria with the stolen funds. We will not have this problem 6 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by AnusOdourInhaler: 6:10am On Oct 21, 2016 |
Hahaha.. Everything goes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Olasco93: 6:21am On Oct 21, 2016 |
They didn't say MTN shouldn't Transfer their profit to their country, what they are concerned about is for MTN to follow the proper procedure for transfer because the company is listed among the Nigerian Stock Exchange. As strict as SA is, if this kind of thing happens there, they will just close or suspend the Company, likewise other countries... 13 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Zedoo(m): 6:22am On Oct 21, 2016 |
Their money their business!!! Getting ready to withdraw!!! 1 Like 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by KingRex1(m): 6:25am On Oct 21, 2016 |
Glo shares continually goes up n Mtn doesn't? There're definitely tryna get back at ncc nd naija at large. MTN should just go n let glo thrive in glory. 5 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Pavore9: 6:28am On Oct 21, 2016 |
The Senate is just making noise! The matter will soon be pushed aside! ![]() 1 Like |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by YorubaStinks: 6:28am On Oct 21, 2016 |
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 18 Likes 2 Shares |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by adioolayi(m): 6:29am On Oct 21, 2016 |
We are porous.. left, right and centre.. ![]() |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Ahmeduana(m): 6:29am On Oct 21, 2016 |
plaetton:IS NOT THE TRANSFER OF THE MONEY THAT IS THE PROBLEM, BUT THE TAX THAT WAS SUPPOSE TO BE PAID ON IT. 18 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Nobody: 6:29am On Oct 21, 2016 |
Stop mtn |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by sakalisis(m): 6:29am On Oct 21, 2016 |
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Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by ELPablochapo: 6:30am On Oct 21, 2016 |
Is the sheriff still in town? Just asking 1 Like |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Harwoyeez(m): 6:32am On Oct 21, 2016 |
Do you know the FEMM Act? Even footballers are not allowed to move all their monies out of their host countries, there's a way of getting things rightly done plaetton: 15 Likes 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by YorubaStinks: 6:33am On Oct 21, 2016 |
Ahmeduana: What type of tax ?? The Nigerian government fined them 30 billion naira and they paid up Now, you are finding another loophole 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 I'm waiting 3 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Nobody: 6:33am On Oct 21, 2016 |
Dumb comment. Read the o.p again. plaetton: 12 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by dotman4real007(m): 6:34am On Oct 21, 2016 |
all the #100 that has been deducted fraudulently has amounted to that monstrous amount. 2 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Harwoyeez(m): 6:35am On Oct 21, 2016 |
God bless your pipe (blokus) with milk for this seunmsg: 3 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by Agimor(m): 6:39am On Oct 21, 2016 |
BRB |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by MakeWeTalk: 6:39am On Oct 21, 2016 |
Can anybody blame them? They know that Buhari will devalue their money. It's Nigerians I blame, u voted in an illiterate ![]() 2 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by ALAYORMII: 6:44am On Oct 21, 2016 |
They've learn well from our politicians Kudos to them 2 Likes 1 Share |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by HabaSeun: 6:45am On Oct 21, 2016 |
Pavore9:After mtn bribes them! |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by seunlayi(m): 6:47am On Oct 21, 2016 |
Make them leave mtn alone jor 2 Likes |
Re: MTN Illegally Transferred 'mind Boggling' Sum Out Of Nigeria- Yahoo News by soberdrunk(m): 6:49am On Oct 21, 2016 |
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!! ![]() ![]() 3 Likes |
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