• Senate summons MTN, banks over $13.9bn illegal repatriation

    Senate summons MTN, banks over $13.9bn illegal repatriation

    According to reports, the Senate has launched a probe into the allegation that MTN Nigeria repatriated a total sum of $13.9bn from Nigeria to other countries between 2006 and 2016 by summoning the management of the telecoms service provider, their bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

    During its plenary on Thursday, the Upper Chamber requested MTN and the others to appear before its Committee on Banking, Insurance and Other Financial Institutions next […]

  • MTN debunks $13bn repatriation allegation by Nigerian Senate

    MTN debunks $13bn repatriation allegation by Nigerian Senate

    Telecoms giant MTN has denied allegations that it illegally repatriated $13.92 billion out of Nigeria over a period of 10 years.

    The allegation was made on the floor of the Nigerian senate on Tuesday by Dino Melaye, the senator representing Kogi west.

    In a brief statement issued on Wednesday, Ferdi Moolman, the CEO of MTN Nigeria, said the allegation lacks “any merit”.

    According to Moolman, “The allegations made against MTN are completely unfounded and without any merit”.

    MTN has been having a rough patch […]

  • Senate to investigate MTN over alleged $12bn repatriation

    Senate to investigate MTN over alleged $12bn repatriation

    According to reports, the Senate on Thursday agreed to investigate an allegation that telecommunication giant, MTN Nigeria, repatriated 12 billion dollars out of the country over a 10-year period.

    The resolution followed a motion moved by Sen. Dino Melaye (APC-Kogi) who relied on a point of order to make the allegations.

    The Senate asked Melaye to present documents at the next legislative day showing evidence of the transfer for immediate investigation.

    Melaye had alleged that the South Africa-owned company had taken away over […]

  • AGF explains why repatriation of N218bn Abacha loots from US is delayed

    AGF explains why repatriation of N218bn Abacha loots from US is delayed

    The Attorney General of the Federation and Minister for Justice, Abuakar Malami (SAN), has explained that the suit filed by a lawyer, Godson Nnaka, for a share in assets recovered from former military ruler, General Sani Abacha, valued at $458million is stalling the reparation of the money to Nigeria.

     

    In a statement he issued yesterday in Abuja, the minister said in 2013, the United States Department of Justice, (USDOJ) as part of its Kleptocracy Asset Recovery Initiative, commenced a forfeiture proceeding […]

  • Buhari urges World Bank to facilitate speedy repatriation of $320m illegally taken under Abacha administration

    Buhari urges World Bank to facilitate speedy repatriation of $320m illegally taken under Abacha administration

    President Muham­madu Buhari has urged the World Bank to help facilitate the speedy repa­triation to Nigeria, stolen funds still being held by Swiss authorities.

    He said repatriation of additional $320 million in Switzerland, identified as illegally taken under the Abacha administra­tion, would help ease the current economic hard­ship facing the country.

    The president made the call when he met with the Managing Director of World Bank, Ms. Sri Mulyani Indrawati.

    Buhari assured In­drawati that his admin­istration was taking ap­propriate steps to ensure that […]

  • Buhari urges World Bank to facilitate speedy repatriation of stolen funds

    Buhari urges World Bank to facilitate speedy repatriation of stolen funds

    President Muhammadu Buhari Wednesday in Abuja urged the World Bank to do all within its powers to facilitate the speedy repatriation to Nigeria all stolen funds still being held by Swiss authorities.

    Speaking at a meeting with the visiting Managing Director of the World Bank, Ms. Sri Mulyani Indrawati, President Buhari said that the repatriation of the additional $320 million US dollars in Switzerland, which has been identified as illegally taken from Nigeria under the Abacha administration, will help to ease […]