Bukola-Saraki

MTN is currently under investigation by the Nigerian Senate for allegedly transferring $13.9 billion dollars out of the country illegally. This accusation was made by Senator Dino Melaye last month, and the investigation officially commenced on Thursday – but that’s not what this post is about. Well, not exactly.

We’re here today to talk about Senate President, Bukola Saraki’s statement at yesterday’s investigative hearing. In his words, “The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession. We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not witch-hunt but a fact-finding exercise.”

Called it! It looks, smells, feels, and now speaks like a shakedown fact-finding exercise. The Chairman of the Investigative Committee (don’t you just love Nigerians and their Committees), Rabiu Ibrahim created a Twitter thread detailing what went on at the session. This gem caught my eye –

For some reason, “diabolical breach” puts the image of top MTN officials clad in white wrappers and holding calabashes in my head (obviously, I watch too many Yoruba movies). But honestly, what’s with all the grammar?

Of course, the great people of Twitter didn’t disappoint.

MTN Nigeria has, of course, denied these allegations. According to the company, all their activities have been legal, and they arranged for audits to make sure there was enough capital available with financial statements for the years in question. In CEO Ferdi Moolman‘s words, “The allegations made against MTN are completely unfounded and without any merit.”

In the midst of all this, MTN has suffered significant loss, with share prices falling 2.3% to $7.7 – its lowest since July 2010. This investigation is one more episode in the series of unfortunate events that have plagued MTN in Nigeria.

We applaud our able senators for “working round the clock” to arrest economic situations. Too bad others don’t feel the same way.

https://twitter.com/ToluBablo/status/789377115317673984

 

Read this next
More From TC
Business, Developers, Entrepreneurship, Funding
17th September 2019

Andela, the Africa-focused tech accelerator, is laying off more than 400 employees across three countries as the company changes its business model away from developer training. The company told TechCabal it is laying off 250 junior developers from Nigeria and Uganda and about 170 others in Kenya. CEO Jeremy Johnson said the company will now […]

FBI announces arrest of 167 alleged fraudsters in Nigeria in anti-fraud operation
Business, ecosystem, FinTech, Government, Internet, Mobile, News, Policy, Technology
11th September 2019

The Federal Bureau of Investigation (FBI) has arrested 281 individuals, including 167 in Nigeria, for their involvement in fraudulent business email compromise (BEC) schemes, the agency announced recently. Working with over 12 agencies across multiple countries, the FBI disclosed that the latest arrests are part of Operation reWired, a four-month international operation “designed to intercept […]


TechCabal is a Big Cabal Media brand



Copyright © 2019
All rights reserved

Privacy & Terms