The Senate on Thursday said there
was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016.
Senate confirmation was sequel to
the consideration of the report of the Senate Committee on Banking, Insurance
and Other Financial Institutions on the unscrupulous violation of the foreign
exchange policy of the country by MTN Nigeria.
The senate report reads in part:
“No doubt there is a disturbing evidence of Foreign exchange hemorrhage in
Nigeria especially in this period of recession.
“MTN Nigeria for instance repatriated over
$1.3 billion annually since 2006, or $13.92 billion between 2006 and 2016.
“Just for one company, the
phenomenon constitutes a huge outflow that could pose challenges for Foreign
exchange and National monetary stability”.
The Senate also directed the
Central Bank of Nigeria, CBN, to sanction Stanbic IBTC for improper
documentation in respect of capital repatriation and loan repayment amounting
to $388 million and $199 million respectively.
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com