MTN on Wednesday denied allegations that it illegally repatriated $13.92bn from Nigeria.
Its denial came on the heels of allegations made on the floor of the Senate by Dino Melaye on Tuesday that MTN illegally transferred the funds out of the country over a period of 10 years in collusion with some banks.
“The allegations made against MTN are completely unfounded and without any merit,” the MTN Nigeria Chief Executive Officer, Ferdi Moolman, said in a statement on Wednesday.
MTN shares fell more than three per cent on Tuesday and slipped by another 0.4 per cent on Wednesday.
The Senate had resolved on Tuesday to investigate whether the telecommunications company illegally transferred the money between 2006 and 2016.
The Senate motion accused Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank of involvement in the alleged illegal transfers, while the Minister of Industry, Trade and Investment, Okechukwu Enelamah, was listed among people used by MTN to help repatriate the funds.
According to Reuters, Citi Bank and Diamond Bank declined to comment, while a spokesperson for Stanbic was unavailable, and Standard Chartered said it would cooperate fully with law enforcement agencies.
A spokesperson for Enelamah did not respond to requests for comment.