Nigerian allegations are without merit, says MTN Nigeria CEO Ferdi Moolman
The cellphone company’s Nigerian unit has responded to allegations that it repatriated $14bn illegally over 10 years
MTN Nigeria denies that it illegally repatriated $14bn out of Nigeria, as alleged by Nigerian politicians in the country’s senate. "The allegations made against MTNN are completely unfounded and without any merit," MTN Nigeria CEO Ferdi Moolman said in a Sens statement on Wednesday morning. MTN’s share price on the JSE fell sharply on Tuesday when news of the allegations emerged. Bloomberg reported on Tuesday that Nigeria’s senate had said it would investigate the claim thoroughly. However, analysts have questioned the veracity of the claim, saying it seemed unlikely, given Nigeria’s tight exchange controls, that the movement of such a large sum of cash would have gone undetected for so long.
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