MTN walks as Senate berates CBN over $14 billion tax drama

Back in September 2016, after controversial senator Dino Melayemade the allegations on the floor of the Senate, an investigation was agreed by the Senate.

However, the committee set up by the upper house gave no recommendations for punitive measures against the South Africa-based telecom giant but instead berated the CBN over its failure to monitor fund transfers to and from Nigeria calling the apex banks’ oversight “inadequate.”

The committee has been investigating MTN Nigeria’s activities between 2006 and 2016 as well as some lenders including the CBN and Stanbic IBTC Bank.

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The committee’s report recommended that the Senate “condemn the CBN for failing in its duty” stating that the apex bank failed to properly monitor foreign exchange transfers from the like of MTN.

CBN had lent credence to the banks’ argument that they were not breaking any laws by transferring foreign currency by failing to apply sanctions to the activities of the banks, the committee recommended.

MTN Nigeria had been accused of tax evasion by Dino Melaye, in September 2016. The senator accused the company of moving a total of $12 billion out of the country between 2006 and 2016.

MTN Nigeria has continually denied any wrongdoing since the allegations were first made.

What do you think of this? Does the CBN deserve the criticism from the Senate? COuld MTN Nigeria be guilty of wrongdoing? Who is not doing their job? Let us know in the comments section below!