Nigerian MPs absolve MTN of illegal repatriation
Lagos — Nigerian legislators investigating allegations of illegal repatriation of almost $14bn by MTN’s local unit found the company had not violated the law. There were no “proofs of collusion to contravene the foreign exchange laws”, a Senate investigative committee said in its report released on Wednesday in the capital, Abuja. “There was evidence of massive capital outflow but that alone is not conclusive that a crime has been committed,” it said. The legislators asked the Central Bank of Nigeria to take measures against Stanbic IBTC Nigeria “for improper documentations” regarding capital repatriation and loan repayments, adding that steps should be taken to tighten the foreign-exchange laws to deal with known deficiencies. More than a year ago, Dino Melaye, a senator, accused Africa’s biggest cellphone company by sales of illegally repatriating $13.92bn over a decade starting in 2006, triggering the investigation.
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