Nigeria to quiz MTN over alleged illegal transfer of $14bn
Lagos — A committee of Nigerian legislators has invited MTN executives, Nigeria’s trade minister and four lenders to appear before them on October 20 for an "investigate hearing" on an allegation that MTN illegally moved $14bn out of the country. The upper house of Nigeria’s parliament in September agreed to investigate whether Africa’s biggest telecoms company MTN wrongly transferred the money out of Nigeria between 2006 and 2016. The allegations first appeared in a motion proposed by senator Dino Melaye to launch an investigation and come as Nigeria struggles with its first recession in a generation and chronic foreign currency shortages due to a slump in oil prices. MTN and Nigeria’s Trade Minister Okechukwu Elenemah have denied any wrongdoing. The four lenders invited to appear before the senate committee on banking, insurance and other financial institutions were Stanbic IBTC Bank, Standard Chartered Bank, Citibank and Diamond Bank, the committee’s chairman, Rafiu Adebayo Ibrah...
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