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Title : Senate blasts MTN for moving $14bn out of Nigeria
link : Senate blasts MTN for moving $14bn out of Nigeria
Senate blasts MTN for moving $14bn out of Nigeria
The Senate on Thursday said there was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016.
The senate report reads in part: “No doubt there is a disturbing evidence of Foreign exchange hemorrhage in Nigeria especially in this period of recession.
“MTN Nigeria for instance repatriated over $1.3 billion annually since 2006, or $13.92 billion between 2006 and 2016.
“Just for one company, the phenomenon constitutes a huge outflow that could pose challenges for Foreign exchange and National monetary stability”.
The Senate also directed the Central Bank of Nigeria, CBN, to sanction Stanbic IBTC for improper documentation in respect of capital repatriation and loan repayment amounting to $388 million and $199 million respectively.
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