MTN has hit back at allegations emanating from Nigeria’s senate that it illegally moved almost $14bn 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.
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.
“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.
Credit: All Africa