Senate withdraws report acquitting MTN of forex scam

The Senate has withdrawn a report that largely exonerated South African telecoms giant, MTN, of accusations of illegally repatriating $14 billion and rebuked the Central Bank of Nigeria (CBN) for regulatory failures.

The report, presented to the Senate on Thursday, was almost immediately sent back for further work because it did not capture possible infractions by all stakeholders, two people familiar with the matter told Reuters.

The upper legislative chamber agreed in September to investigate whether Africa’s biggest telecoms firm unlawfully repatriated $13.92 billion from Nigeria – its most lucrative market which generates a third of its revenue – between 2006 and 2016.

MTN, which has denied any wrongdoing, could not immediately be reached for comment.

The crux of the allegation is that MTN did not obtain certificates declaring it had invested foreign currency in Nigeria within a 24-hour deadline stipulated in a 1995 law, making the repatriation of returns on the investments illegal.

The Senate formed a committee to investigate the allegations against the South African company, the CBN and commercial banks such as Stanbic IBTC Bank Plc.

The committee’s report did not recommend any punitive measures against MTN.

Instead, the report rebuked the CBN for its failure to monitor fund transfers to and from the country, calling its oversight of banks “inadequate.”

Comments

African Politicians Seeking Medical Help Abroad Is Shameful, and Harms Health Care

Credit: Tahiru Azaaviele Liedong, University of Bath Photo: Allafrica.com Top-left: Nigerian President Muhammadu Buhari. Top-right: Former president of Zamiba Levy Mwanawasa. Bottom-left: Former Ethiopian prime minister Meles Zenawi. Bottom-right: Former Guinea-Bissau president Malam Bacai Sanhá ANALYSIS By Tahiru Azaaviele Liedong, University of Bath There is an African idiom that if a man does not eat at home, he may never give his wife enough money to cook a good pot of soup. This might just be true when applied to politicians on the continent seeking medical help anywhere but home. Africa's public health systems are in a depressing condition. Preve...

Boat with 300 migrants arrives in Spain after week at sea

A charity rescue vessel carrying mainly African migrants plucked off Libya docked in Spain, ending a traumatic journey which saw them spending Christmas at sea and several European nations denied the ship entry. Migrants look out from the deck of the Spanish NGO Proactiva Open Arms rescue vessel, after being rescued in the Central Mediterranean Sea on December 21, before disembarking in the port of Crinavis in Algeciras, Spain, Friday, December A Spanish aid boat carrying over 300 migrants rescued at sea arrived in Spain on Friday, ending a weeklong journey across the western Mediterranean. The boat, operated by the nonprofit group Proactiva Open Arms, docked at the Spanish port of Algeciras. The boat rescued 313 migrants in waters near Libya last week, but had to travel to Spain after Malta denied it permission to dock and Italy and other countries refused to help. Three of the migrants were later evacuated for health reasons. Oscar Camps, head of Proactiva...

Concerns rise for refugees who could face violence if Italian coastguard return them to Libya

Concerns are rising for the thousands of refugees and migrants who risk their lives at sea to get to Europe, following Italy's decision to take those rescued off the coast of Libya back to the country they are fleeing in future. Aid organisations are said to be "horrified" at the idea of taking rescued refugees back to their home country at a time when revelations of the violent beatings and torture they could face on their return are emerging. One Oxfam worker, Stefano Dimarco, said: "In Libya there are no human rights there is we cannot talk about a normal situation." Many Libyan refugees and migrant arrive in Europe by boats that are picked up off the coast of Italy Credit: ITV News According to Oxfam a major report it is releasing next week is set to reveal dozens of testimonies of torture, sexual violence and murder against refugees and migrants in Libya just as Italy's parliament has authorised its coastguard to help take those pi...

Signals

Search This Blog