South African telecommunications giant MTN has denied illegally moving $13.92 billion out of Nigeria.
MTN will be investigated as The Nigerian Senate has resolved on Tuesday over the allegation that the company illegally transferred the money out of the country.
The resolution followed a motion moved by Sen. Dino Melaye (APC-Kogi) who relied on a point of order to make the allegations.
Melaye had fingered Nigeria’s minister for trade and investment Okechukwu Enelamah as one of the conduits for the illegal transfer that was carried out in 2008.
But South African telecommunications giant insisted that it has done nothing wrong.
“The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria chief executive Ferdi Moolman said in brief statement on Wednesday.
The allegation threatens to raise tensions between Nigeria and its largest mobile phone operator just three months after the South African firm agreed to pay a reduced fine of 330 billion naira in a settlement with Abuja over unregistered SIM cards.