Connect with us

News and Report

Shocking! How MTN illegally transferred Multi-billion Dollars out of Nigeria…

Published

on

The amount of money which South Africa’s MTN Group is alleged to have illegally moved out of Nigeria is “mind boggling”, a Nigerian lawmaker said on Thursday at the start of a parliamentary investigation into the telecoms company.

 

Nigeria’s upper house of parliament agreed last month to investigate whether the firm unlawfully repatriated $13.92billion between 2006 and 2016.

 

MTN shares fell 3.2 percent to more than six-year lows after Bloomberg quoted a senator as saying the amount could be “outrageously higher”. The shares later pared some losses.

 

The accusations of illegal transfers were denied by MTN Nigeria Chief Executive Ferdi Moolman, who appeared at the hearing.

 

“MTN categorically denies all suggestions that its bankers in strict violation of the FEMM Act (Foreign Exchange (Monitoring and Miscellaneous Act) and Foreign Exchange Manual, repatriated $13.92 billion illegally out of Nigeria,” said Moolman.

 

The allegation is the latest setback for Africa’s biggest telecoms firm in its most lucrative but increasingly most problematic market, coming months after it agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM cards.

 

MTN officials, Nigeria’s trade minister and four lenders were due to appear at the parliamentary hearing, which started on Thursday.

 

“It is not what we can sweep under the carpet. We intend to get to the bottom of the fact, all of the fact, nothing but the fact,” said Olusola Adeyeye, a senator, reading out a statement from Senate leader Bukola Saraki, said at the start of hearing.

 

Dino Melaye, the senator who first made the allegations in a motion passed by lawmakers last month, said he raised the issue “as a patriotic Nigerian, a whistle-blower and an anti-corruption crusader”, adding that he stood by the allegations.

 

MTN is the largest mobile network operator in Nigeria, Africa’s most populous nation and has the continent’s biggest economy. The country accounts for a third of MTN’s revenue.

 

It follows a row between South African hotel and gaming group Sun International and Nigeria’s EFCC over its investment in a hotel operator in Lagos. The disagreement caused Sun International to pull out of Nigeria in August.

 

Rafiu Ibrahim, chairman of Nigeria’s senate investigative panel on alleged illegal repatriation of funds, said on Wednesday that a team of international and local accountancy experts and lawyers had been assembled to look into the matter.

 

“Investors are nervous with what’s happening with Nigeria purely because the past history has shown us that typically the government tends to move the goal posts,” Independent Securities trader Ryan Woods said.

 

($1 = 304.5000 naira)

Continue Reading
Advertisement

News and Report

Police Deploy More Personnel To Seaports In Lagos Over Nigerian Students, NANS’ Protest

Published

on

Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.

The Nigeria Police Force has announced that it has deployed personnel to adequately secure seaports across the nation following a threat by the National Association of Nigerian Students (NANS) to shut down commercial activities at the nation’s busiest seaports ¬¬¬¬¬¬- the Apapa and Tin-Can Island Ports in protest over the lingering strike by the Academic Staff Union of Universities (ASUU).
Following the ASUU strike that has kept university students across the nation at home for over seven months, NANS declared “Occupy The Airport” nationwide protest.
The aggrieved students who protested on Monday at the Murtala Muhammed International Airport also reportedly threatened to ground commercial activities at the Apapa and Tin-Can Island Ports in Lagos State.
Disclosing the security beef up to Daily Trust, the Commissioner of Police in charge of Western Port Authority Command, Jonathan Towuru, said security was tightened around the Western Ports to avoid any breakdown of law and order although the student body did not show up as threatened.
The commissioner said, “People went about their businesses while operations at the terminals went on seamlessly, without any hindrance. But if the students eventually turn up, we will engage them in discussions. I must say that they conducted themselves well on Monday at the airport even though you still saw police monitoring the protest.”

 

Continue Reading

Crime/Security/Safety

Evans The Billionaire Kidnapper Bags 21 Year Imprisonment

Published

on

Justice Oluwatoyin Taiwo of the Ikeja Special Offences Court on Monday sentenced kidnap kingpin, Chukwudumeme Onwuamadike, also known as Evans, and his co-defendant, Victor Aduba, to 21 years imprisonment for kidnapping one Sylvanus Hafia.

They were accused of conspiring and kidnapping Sylvanus Ahanonu Hafia at about 5:30 pm on June 23, 2014, at Kara Street, Amuwo Odofin in Lagos and were alleged to have captured and detained Hafia and demanded a ransom of $2m.

But they pleaded not guilty to the four charges.

The judge held that the sentence would serve as a deterrent to other aspiring kidnappers

Continue Reading

News and Report

Poverty, Hunger in the Country, Okowa Blames APC

Published

on

…says Delta healthcare will curb medical tourism

Delta State Governor and Vice-Presidential Candidate of the Peoples Democratic Party (PDP), Ifeanyi Okowa, weekend, said that poor management of the nation’s economy by the ruling All Progressives Congress (APC) caused the rising hunger and poverty in the country.

He stated this at an empowerment programme for the people of Ika Federal Constituency at Boji-Boji Owa, Ika North Council by the member representing the constituency at the House of Representatives, Mr. Victor Nwokolo.

The governor, who commended Nwokolo for his gesture, described the event as “empowerment programme with a difference. He said Nigeria was troubled because people were hungry and out of job due to mismanagement of the nation’s economy.

He added that even students were having lots of challenges because their parents could not meet their needs owing to the level of poverty resulting from ineptitude of the APC-led Federal Government.

He, therefore, urged Nigerians to support the PDP, saying it was the only party with clear understanding of the nation’s challenges and had clear solution to rescue the nation.

Earlier, Nwokolo said his motive for the empowerment was to restore hope to the hopeless amid rising hunger and poverty in the land.

MEANWHILE, Okowa, also at the different forum, said the huge investment being made by his administration in the health sector was to improve healthcare delivery and reduce medical tourism in the country.

He disclosed this in an interview with journalists shortly after inspecting facilities at the Advanced Diagnostic Medical Centre and Mother and Child Hospital, Owa-Alero in Ika Council of the state.

He said the twin medical facilities would, on completion, reduce medical tourism as it would provide first-class medical services to people who would have sought medical treatment abroad.

“I am glad we have gotten to this stage. I had high hopes that by today, we would have inaugurated these projects.

“The equipment are fully on site and we are trying to get things fully sorted out and I am sure that in the next one month, it should be ready and opened to the public for use.

“The two projects are obviously very important. The Mother and Child, as it is so stated, is supposed to take care of every illness concerning our women and children,” he said.

Continue Reading

Trending