GTB 737 banner Yudala banner

Senate clears MTN over forex transfers

By Camillus Eboh on 08/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 205


Nigeria’s Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group Ltd’s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent.

But the Senate report also asked Nigeria’s central bank to sanction Stanbic IBTC Bank “for improper documentations in respect of capital repatriation and loan repayments” on behalf of MTN.

Parliament’s upper house agreed in September last year to investigate whether Africa’s biggest telecoms firm unlawfully repatriated $13.92 billion from Nigeria – its most lucrative market which generates a third of its revenue – between 2006 and 2016.

A spokesman for MTN said: “We welcome the report. We will study it in more detail. As we’ve placed on record previously, we have always insisted that our actions have been compliant with the law in this regard.”

Stanbic IBTC did not immediately respond to an email requesting comment.

The senate investigation did not receive proof of collusion to contravene Nigeria’s foreign exchange laws, according to the report.

“There was evidence of massive capital outflow but that fact alone is not conclusive that a crime has been committed,” the report said.

As for the Central Bank of Nigeria, the senate committee said its failure to properly regulate foreign exchange should be condemned.

The bank should propose amendments to current regulation to foster economic growth and improve Nigeria’s foreign currency inflows, said the report.

In July the Senate had rejected an earlier version of the report, asking for further work to be undertaken. (Reuters)

Source News Express

Posted 08/11/2017 6:44:52 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
How Pension scam syndicate defrauded FG of N1.2bn...

Doctor jumps to death from Lagos Third Mainland...

Of Jega, Metu and Imo, Abia governorship elections...

Weather Forecast for Today, By the Nigerian Meteorological...

Bayelsa: 8 LGAs share N1.3bn Paris Club Refund...

Ogun to employ more health workers

NEMA provides medication to IDP Camp

Ex-CBN Deputy Governor Kingsley Moghalu appointed Professor at...

Miracle of the year: Naija man who refused...

Democracy Day: FG declares May 30 public holiday...

Lagos Govt. restates commitment towards preventing religious crisis...

Finance Minister unfolds FG’s plans to end economic...

 

Latest News Masked soldiers on the prowl as Anambra elects Governor NDDC to establish bank, optic fibre internet Work resumes soon on 2nd Niger Bridge, 69 federal roads: Fashola INEC, security agencies not cooperating on Anambra polls, says Observer group Navy destroys 1,000 illegal refineries in 9 months N1bn fraud case: ICPC makes final presentation against ex-Governor Yerima Ugwuanyi emerges Most Efficient Governor of the Year, as Airtel, NB, others shine at 2017 BJAN Awards 312 graduate from UNIAFRICA Foundation School •Full academic programmes to begin January 2018 Cancer kills dreaded Mafia boss nicknamed ‘The Beast’ Fire guts Cameroon parliament Italy holds funeral for 26 Nigerian women drowned in Mediterranean NiMet predicts sunny and hazy Saturday

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (294,111 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (277,919 views) Shameless Genevieve Nnaji exposes breasts in public (224,395 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (188,882 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,192 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (165,725 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (143,865 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,352 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (126,639 views) Lagos plane crash: Journalist releases victims’ names (116,376 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,590 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (107,135 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,771) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (186) Entertainment (404) Features (508) Global Business Monitor (190) International (1,639) Interviews (138) Live Commentary (28) Love Matters (82) News (30,324) Opinion (837) Pidgin (9) Politics (4,096) Religion (648) Sports (1,355) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!