They have remembered MTN now because Nigeria is in recession

They have remembered MTN now because Nigeria is in recession

No be the same MTN and other GSM networks been dey dash them recharge cards when they were repatriating the $13b to South Africa?

They should look into the activities of the likes of Shoprite now and not wait for another 10 years to start looking into how they repatriated $30b to their country even as our small retail outlets are forced out of business.



$13billion MTN illegal repatriation: There’ll be consequences – Senate

By Editor on 21/10/2016

Whoever has a hand in the alleged illegal repatriation of the whopping $13billion by telecommunications giant, MTN, will not be spared an angry Senate, vowed on Thursday.

Conveying the sentiments of the upper legislative chambers of the National Assembly, Senate President, Bukola Saraki, while opening the inquiry into the matter, lamented that if the country had such an amount within its shores, it would not be in its current recession.

The alleged illegal repatriation, which was said to have happened  with the active collusion of some Nigerian banks and individuals, is the latest in the series of issues Nigeria is having with the telecoms company in recent years.

It is on the heels of another allegation of sharp practices in the process that led to the reduction of the amount the company was slammed last year as penalty for some operational malfeasances.

Olusola Adeyeye, who stood in for the Senate President, while inaugurating the panel drawn from the Senate Committee on Banking, Insurance and Other Financial Institutions, said the Senate saw it as duty ensure that such breach of constitutional processes are investigated, insisting that it was not a witch-hunt but a fact finding exercise.

“This 8th Senate has devoted a lot of attention on legislations that will improve the business environment. This hearing goes to show this commitment and so we expect maximum cooperation from the regulatory authorities: failure to do so will mean culpability.

“We intend to get to the bottom of this and get the facts and nothing but the facts. At the end of this, based on the calibre of people that are here, Nigerians will get to know the truth about what transpired.

In his opening remark, the Chairman of the Committee, Sen. Rafui Ibrahim, said the investigation was not a witch-hunt but an avenue to block loopholes and revenue leakages.

He berated the individuals who did not honour the invitation of the senate stressing that they would be handled appropriately.

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