Yesterday, we reported that the MTN Group has been accused by the Nigerian Senate of “illegally transferring” more than $12 billion out of the country over a period of 10 years (2006-2016) with the help of four Nigerian banks and a serving Minister. Senator Dino Melaye was the one who made the allegation, and he put forward a request that the company be investigated.

The Senate President, Bukola Saraki, approved the request and now, MTN is officially under investigation by the Nigerian Senate.

This morning, MTN Nigeria CEO Ferdi Moolman issued a statement via the Johannesburg Stock Exchange news service saying, “The allegations made against MTN Nigeria are completely unfounded and without any merit.”

Short, brief, and to the point – but it’s not like he could have anything different. As expected this new “saga” is already affecting the company. Prices of MTN shares have dropped by 4.4%.

Tola Agunbiade Author

Get the best African tech newsletters in your inbox