The allegation was made on the floor of the Nigerian senate on Tuesday by Dino Melaye, the senator representing Kogi west.
In a brief statement issued on Wednesday, Ferdi Moolman, the CEO of MTN Nigeria, said the allegation lacks “any merit”.
According to Moolman, “The allegations made against MTN are completely unfounded and without any merit”.
MTN has been having a rough patch with the Nigerian authorities since it started operations in 2001.
The South African company has at various times been accused of taking money out of Nigeria under the pretext of printing recharge cards.
It also recently incurred a fine of N1.04 trillion for failing to disconnect unregistered lines, and the reduction of the fine to N330 billion has been opposed by lawmakers.