Senate blasts MTN for moving $14billion out of Nigeria, wants Stanbic IBTC punished

The Senate on Thursday said there was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016.
Senate confirmation was sequel to the consideration of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions on the unscrupulous violation of the foreign exchange policy of the country by MTN Nigeria.

The senate report reads in part: “No doubt there is a disturbing evidence of Foreign exchange ‎hemorrhage in Nigeria especially in this period of recession.

“MTN Nigeria for instance repatriated over $1.3 billion annually since 2006, or $13.92 billion between 2006 and 2016.
“Just for one company, the phenomenon constitutes a huge outflow that could pose challenges for Foreign exchange and National monetary ‎stability”.

The Senate also directed the Central Bank of Nigeria, CBN, to sanction Stanbic IBTC for improper documentation in respect of capital repatriation and loan repayment amounting to $388 million and $199 million respectively.