The Nigerian Senate has commenced investigations into the alleged illegal repatriation of thirteen point nine billion dollars from Nigeria by a telecommunications company, MTN, contrary to the Foreign Exchange Act.
But at the hearing, MTN denied the allegations describing such as completely false.
The company says it has complied with all extant rules and regulations in Nigeria and that its repatriated funds were merely shareholder dividends and divestments.
Senators accused some banks at the hearing of colluding to issue over 300 Certificates of Capital Importation (CCI) contrary to the thirteen approved for them by the Central Bank of Nigeria.
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