Senate to probe MTN for ‘moving out’ $12bn from the economy – The Cable

The senate has decided to investigate MTN Nigeria for allegedly taking out $12 billion from the country’s economy within 10 years.

The senate took the decision after Dino Melaye, lawmaker representing Kogi west senatorial district, moved a motion at plenary on Thursday.

While moving the motion, Melaye alleged that between 2006 and 2016, MTN used four Nigerian banks and a then serving minister to move the said sum out of the country.

“My respected colleagues, MTN Nigeria paid a sum of $284.9 million on the 6th of February, 2001 to purchase their licence of operations in this country,” he said.

“Between 2006 and 2016, through four Nigerian banks and a serving minister of the Federal Republic of Nigeria, MTN moved over $12 billion out of Nigeria. That is about half of our external reserves.

“If I get the nod of the senate I will want to bring a substantive motion on the next legislative day with substantiated facts to buttress this position.”