MTN denies illegally exporting $14 billion from
Nigeria
LAGOS, Nigeria –
African telecommunications giant MTN is denying allegations in the
Nigerian Senate that it illegally exported $14 billion from its biggest market
on the continent in the past 10 years.
Ferdi Moolman,
CEO of the group's Nigeria operation, says he has Central Bank of Nigeria
certificates proving authorization to repatriate the money, based on dividends
from capital imported into this West African nation. His statement follows his
appearance Thursday before a Senate committee.
Shares of the
South Africa-based multinational slumped Friday to a six-year low of 107 rand
($7.64).
Nigeria faces
foreign currency shortages caused by slumped oil prices.
In June, MTN
Nigeria settled for a much-reduced $1 billion fine for failing to register
cellphone SIM cards. It had to cut off some 11 million customers.
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