Telecom firm says it complied with funds transfer rules in Nigeria

Pulse Staff 08:57 - 21 October 2016

A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016.

The Nigerian Senate agreed to investigate whether MTN unlawfully repatriated $13.92 billion between 2006 and 2016

MTN Nigeria complied with fund transfer rules in Nigeria and did not pay dividends until it obtained regulatory approvals to send money out of the country, denying allegations that it transferred $14 billion illegally, it said on Friday.

The telecom firm said "certificates of capital importation" were requested for capital brought into Nigeria and that dividends were repatriated based on those investment, it said in a statement.

Nigeria's upper house of parliament last month agreed to investigate whether MTN unlawfully repatriated $13.92 billion between 2006 and 2016.