TechBookyBusiness
No Result
View All Result
Thursday, June 30, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Economy

The Nigerian Senate Is To Investigate MTN’s $13.9bn Transfer Out Of Nigeria In The Last 10 Years

Femi Balo by Femi Balo
October 20, 2016
in Economy, Enterprise
Share on FacebookShare on Twitter

Its MTN again. After a widely publicised disagreement with the federal government over fines it saw as overbearing earlier in the year, the South African telecom giant finally bowed to pressure from the Nigerian government to now pay a much lower fine with plans to list on the Nigerian Stock Exchange in Lagos next year.

But it wasn’t long after this that the media started reporting that MTN transferred the sum of $13.9b out of Nigeria to other countries between 2006 and 2016. Now Nigerians are not happy with the fact that a company which has its biggest business operation in Nigeria would be engaged in such capital flight even as the country continues to go through a painful recession.

The news began to fade gradually but last week, the Punch (a Nigerian news company) reported that the Nigerian senate has now decided to investigate the transfers to see if they meet guidelines. They have one decided to invite officials from the Central Bank of Nigeria, MTN and local banks to come and explain this further.

The Senate Committee on Banking, Insurance and Other Financial Institutions was mandated to carry out the probe by conducting an investigative hearing on the “unscrupulous violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.”

“Pursuant to Senate Resolution S/Res/017/02/16 of 27th of September, 2016 on the above subject matter, the organisations and individuals listed below are invited to appear before the Senate Committee on Banking, Insurance and other Financial Institutions on Thursday, 20th of October, 2016.

So here is how the money was allegedly transferred out of Nigeria; Stanbic IBTC the sum of $4.87bn; Standard Chartered Bank, $5.72bn; Citi Bank, $2.98bn; and Diamond Bank, $0.35bn.

The allegation continued that “The Senate observes that MTN did not request for the Certificate of Capital Importation from its bankers, Standard Chartered Bank, within the regulatory period of 24 hours of the inflow. The Senate observes also that the CBN was not notified of this inflow by Standard Chartered Bank within 48 hours of receipt and conversion of the proceeds to naira as required by regulations.

Chairman of the committee, Senator Rafiu Ibrahim said MTN’s bankers did was in strict violation of Section 15 of the Foreign Exchange (Monitoring and Miscellaneous) Act of1995.

So what next?

MTN and the bankers are obliged under the law to respond to the notice and failure to do so could attract penalties and sanctions which MTN might want to avoid for now seeing as they haven’t finished paying the last fine according to sources.

This probe could spread to other agencies of government by the Securities and Exchange Commission (SEC) as some of the banks are listed on the stock exchange. The investigation would border on if MTYN truly broke the law and if they were helped by Nigerian banks which would further spell more trouble for banks that have reeling from a decision by the Buhari led government to withdraw government funds from private banks to the CBN. This administration is not shy of placing fines on erring companies and we have seen this across different sectors of the economy.

MTN could be facing yet another fine in the near future.

Some have interpreted the fate of MTN so far in Nigeria at least since the new government came into power as a witch hunt while others have said Nigeria is being economically protectionist. This means that Nigeria wants to give the advantage to local companies like Glo. But whichever side of the debate you fall into, this will continue to be unsolved and maybe just once, Nigeria is ready to enforce corporate discipline.

 

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Cryptocurrency Continues To Thrive With Peer-to-Peer Transactions In Nigeria Amid Ban
    Cryptocurrency Continues To Thrive With Peer-to-Peer…
  • The Nigerian Federal Govt Relaxes The No SIM Card Sale Rule
    The Nigerian Federal Govt Relaxes The No SIM Card Sale Rule
  • Nigeria Has Lost Over N24 billion In The 10 Days Since The Twitter Ban
    Nigeria Has Lost Over N24 billion In The 10 Days Since The…
  • Breaking: The Nigerian Government Has Put Its Cryptocurrency Ban On Hold
    Breaking: The Nigerian Government Has Put Its Cryptocurrency…
  • Nigerian Senate Passes Electoral Act Amendment Bill, Approves Electronic Transmission Of Election Results
    Nigerian Senate Passes Electoral Act Amendment Bill,…
  • Nigeria Lifts Twitter Ban As She Celebrates Her Independence
    Nigeria Lifts Twitter Ban As She Celebrates Her Independence
  • Voice Subscription In Nigeria Surprisingly Jumps In Q3 of 2020
    Voice Subscription In Nigeria Surprisingly Jumps In Q3 of…
  • Nigeria Loses N247.61 Billion In 100 Days Of Twitter Ban
    Nigeria Loses N247.61 Billion In 100 Days Of Twitter Ban
Tags: capitalgovernmentmtnnigeriatelecom
Previous Post

Twitter’s History Of Abuse Could Be Putting Off Buyers

Next Post

Microsoft Shares Closed 4% Up On Better Than Expected Earnings

Next Post
Microsoft Shares Closed 4% Up On Better Than Expected Earnings

Microsoft Shares Closed 4% Up On Better Than Expected Earnings

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Snapchat Launches Its Paid Subscription Plan Snapchat Plus
  • Taiwan’s Central Bank Is Working On A Government-run Digital Currency
  • Kukua, An Africa’s ‘Edu-tainment’ Company And Creator Of Super Sema, Secures $6 Million In Series A Funding Co-led By Tencent And Alchimia
  • Pinterest Stock Soars On The Announcement That CEO Ben Silbermann Is Stepping Down
  • Nigeria’s Payment Platform Abeg Rebrands Into Social Commerce Platform Pocket By Piggvest
  • Crypto Exchange FTX Debunks News That It Plans To Acquire Robinhood

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$19,528.71-3.23%
  • ethereumEthereum(ETH)$1,068.44-5.78%
  • tetherTether(USDT)$0.99-0.96%
  • usd-coinUSD Coin(USDC)$0.99-1.02%
  • binancecoinBNB(BNB)$214.46-2.72%
  • Binance USDBinance USD(BUSD)$0.99-1.61%
  • rippleXRP(XRP)$0.320196-4.34%
  • cardanoCardano(ADA)$0.450901-3.78%
  • SolanaSolana(SOL)$31.91-10.00%
  • dogecoinDogecoin(DOGE)$0.065393-0.37%
  • polkadotPolkadot(DOT)$6.77-5.94%
  • Shiba InuShiba Inu(SHIB)$0.0000101.60%
  • AvalancheAvalanche(AVAX)$16.68-8.94%
  • matic-networkPolygon(MATIC)$0.469944-9.92%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....