Nigeria accuses MTN of illegally moving $14bn out of the country
MTN Group shares slumped the most in three months after Nigerian legislators raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14bn out of its largest market.Nigeria’s senate will thoroughly investigate the claim, it said on its Twitter on Tuesday.The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according to Dino Melaye, the politician who made the motion.The four banks involved in the alleged illegal transfers are Citigroup, Standard Chartered, and Nigerian lenders Stanbic IBTC Holdings and Diamond Bank.Representatives for MTN and two of the banks were not immediately available to comment. Citigroup and Johannesburg-based Standard Bank, which controls Stanbic, declined to comment.MTN shares fell as much as 4.4%, what would be the biggest fall on a closing basis since June 27, and was 3.4% lower at R119.77 at 1.32pm. That values ...
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