Senate to investigate telecom giant over $12bn repatriation allegation

chika ebuzor

September 22, 2016 11:36 PM

Melaye had alleged that the South Africa-owned company had taken away over 12 billion dollars from Nigeria in the last 10 years.

The logo of South Africa's MTN Group is seen on signage outside the company's headquarters in Johannesburg, May 27, 2008.

The Senate on Thursday agreed to investigate an allegation that telecommunication giant, MTN Nigeria, repatriated 12 billion dollars out of the country over a 10-year period.

The resolution followed a motion moved by Sen. Dino Melaye (APC-Kogi) who relied on a point of order to make the allegations.

The Senate asked Melaye to present documents at the next legislative day showing evidence of the transfer for immediate investigation.

The News Agency of Nigeria (NAN) recalls that MTN was involved in a dispute with the Federal Government over the non-registration of 5.2 million subscribers in 2015.

The government subsequently imposed a fine of N1.04 trillion on the firm but later reduced it to N330 billion after negotiations but the company has paid N50 billion of the agreed sum.

chika ebuzor