MTN has hit back at allegations emanating from Nigeria’s senate that it illegally moved almost US$14bn (about R188bn) out of the West African country.
The company is accused of repatriating the funds over 10 years starting in 2006, according to Dino Melaye, the politician who made the motion, Bloomberg reported on Tuesday.
The four banks involved in the alleged illegal transfers are Citigroup, Standard Chartered and Nigerian lenders Stanbic IBTC Holdings and Diamond Bank, the news wire said.
But MTN Nigeria CEO Ferdi Moolman has hit back in a statement issued via the JSE’s stock exchange news service early on Wednesday morning.
“The allegations made against MTN Nigeria are completely unfounded and without any merit,” Moolman said.
MTN shares fell as much as 4,4% in intraday trading on the JSE on Tuesday on news of the allegations. — (c) 2016 NewsCentral Media