MTN Declared Innocent In Illegal Forex Repatriation Allegation
If you will recall, mobile telecommunications giant, MTN Nigeria, was accused last year of illegally repatriating $14 billion, being proceeds from its business in Nigeria.
To investigate this, the Nigerian Senate set up a committee. The committee has now submitted its report, which largely exonerated MTN of any wrongdoing.
On Wednesday, the Senate approved the report.
But the Senate report also asked Central Bank of Nigeria, CBN, to sanction MTN's banker, Stanbic IBTC Bank"“for improper documentations in respect of capital repatriation and loan repayments" on behalf of MTN.
Reacting to the report, 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".
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 CBN, 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.
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