Saraki says alleged funds can bring Nigeria out of recession

folarin okunola

October 24, 2016 12:34 PM

While all of this has been going on, MTN's share prices have fallen by 2.3% to $7.7 - its lowest point since July 2010.

Senate President, Bukola Saraki.

The Nigerian Senate is currently looking into the allegation made against MTN Nigeria regarding the illegal repatriation of $13.9 billion out of the country.

Controversial senator Dino Melaye made the allegations last month before investigations began officially on Thursday, October 20, 2016.

However, in a bizarre turn of events, Senate President Bukola Saraki, at the investigative hearing, stated that the alleged sum of money would be enough to take Nigeria out of the recession it is currently battling with.

In his words, “The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession. We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not a witch-hunt but a fact-finding exercise.”

While the events of the day did seem to have a strong witch-hunting factor to it, the Senate President's statements are subject to individual interpretation.

ALSO READ: Senate summons telecom company, bankers as $13.9 billion scam drama continues

The Chairman of the Investigative Committee set up to look into the matter, Rabiu Ibrahim, created a Twitter thread that had some interesting wording to it:

It is easy to see from the good senator's tweets that MTN have indeed committed a crime of supernatural ramifications. That is the only reason why the entire thing can be 'diabolical'.

In the meantime, MTN Nigeria has denied the allegations, saying that it has conducted its business within the legal limits possible and even arranged for audits to make sure it had enough capital available with financial statements for the years in question.

“The allegations made against MTN are completely unfounded and without any merit,” says MTN Nigeria CEO, Ferdi Moolman.

While all of this has been going on, MTN's share prices have fallen by 2.3% to $7.7 - its lowest point since July 2010. This investigation is the latest in a series of unfortunate events that the South Africa-based telecom company has been faced with in Nigeria in the last year and some.

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