Senate confirms $13.92b capital flight by MTN

The Senate on Thursday confirmed a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016.

The 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: “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 condemned the C‎entral Bank of Nigeria for failing in its duty to deal with those who are guilty of capital flight in the country.

The Senate also directed the Central Bank of Nigeria to sanction Stanbic IBTC for improper documentation in respect of capital repatriation and loan repayment amounting to $388 million and $199 million respectively.