MTN says it obtained clearance to move money out of Nigeria
MTN Group, responding in detail to allegations that it illegally moved more than $14bn out of Nigeria, said central bank approvals were obtained before any dividends were issued. "No dividends were declared or paid until the certificates of capital importation were issued and finalised," Ferdi Moolman, the Nigeria head of the Johannesburg-based cellphone company, said in an e-mailed statement on Friday. A CCI is a central bank document that allows for the transfer of capital from Nigeria to a foreign investor, according to Guaranty Trust Bank. MTN shares have slumped 14% to six-year lows since Nigerian politicians raised allegations that the wireless carrier broke the law when repatriating funds from the country, its biggest market, over 10 years starting in 2006.
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