Lawmakers in the Nigerian Senate have agreed to
investigate an allegation that mtn Nigeria illegally
transferred 13.92 billion dollars out of the country
through its bankers between 2006 and 2016.
The move comes as Nigeria, Africa’s biggest economy,
faces recession for the first time in more than 20 years.
The investigation threatens to raise tensions between
Nigeria and the South African firm just three months after
mtn agreed to pay a reduced fine of 330 billion naira in a
settlement with the government over unregistered sim
cards.
mtn is the largest mobile phone operator in Africa and
Nigeria accounts for around one third of the company’s
revenues.
Its shares were down by 4.20 percent, at 1:46 pm local
time on the Johannesburg Stock Exchange on Tuesday
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