plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

KingRex1:
Glo shares continually goes up n Mtn doesn't? There're definitely tryna get back at ncc nd naija at large. MTN should just go n let glo thrive in glory.

JixNation:

MTN, it Will never be well with its inventor.

KingRex1:
Lol, babaly

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

seunmsg:


Go and read the OP again and stop making illogical comments. MTN has been transferring the money since 2006 and the previous PDP governments did nothing about it. In fact, officials of the past regimes collaborated with them to perpetrate this scam against the Nigerian people. We should commend the present government for bringing this out in its bid to rid the country of all sorts of corruption instead of calling the war on corruption a moronic war.

Going forward, MTN should be forced to enlist on the Nigerian stock exchange. By so doing, management will be more diffuse and they will have to make more public disclosure of their financial statements. Regulators and interested members of the public will also be able to monitor them more effectively on issues like capital flight.

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

wristbangle:
If MTN chooses to leave Nigeria, they will be on the loosing side more. Imagine 35percent of their mainstream are in the most populous country in Africa.

Meanwhile these crooks are extremely corrupt due to the crusade of calibres at the helm of power hence giving them the opportunity to practice illegal acts.

Can a Nigerian company if they invest in SouthAfrica do this kind of act?

HungerBAD:
By Tiisetso Motsoeneng and Camillus Eboh

JOHANNESBURG/ABUJA (Reuters) - The amount of money which South Africa's MTN Group <MTNJ.J> is alleged to have illegally moved out of Nigeria is "mind boggling", a Nigerian lawmaker said on Thursday at the start of a parliamentary investigation into the telecoms company.

He did not specify what the alleged amount might be.

Nigeria's upper house of parliament agreed last month to investigate whether the company unlawfully repatriated $13.92 billion between 2006 and 2016.

MTN shares fell 3.2 percent to more than six-year lows after Bloomberg quoted a senator as saying the amount could be "outrageously higher". The shares later pared some losses.

The accusations of illegal money transfers were denied by MTN Nigeria Chief Executive Ferdi Moolman, who appeared at the hearing.

"MTN categorically denies all suggestions that its bankers in strict violation of the FEMM Act (Foreign Exchange (Monitoring and Miscellaneous Act) and Foreign Exchange Manual, repatriated $13.92 billion illegally out of Nigeria," said Moolman.

The allegation is the latest setback for Africa's biggest telecoms firm in its most lucrative but increasingly most problematic market, coming months after it agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM cards.

MTN officials, Nigeria's trade minister and four lenders were due to appear at the parliamentary hearing, which started on Thursday.

"It is not what we can sweep under the carpet. We intend to get to the bottom of the fact, all of the fact, nothing but the fact," said Olusola Adeyeye, a senator, reading out a statement from Senate leader Bukola Saraki, said at the start of hearing.

Dino Melaye, the senator who first made the allegations in a motion passed by lawmakers last month, said he raised the issue "as a patriotic Nigerian, a whistleblower and an anti-corruption crusader", adding that he stood by the allegations.

MTN is the largest mobile network operator in Nigeria, Africa's most populous nation and has the continent's biggest economy. The country accounts for a third of MTN's revenue.

It follows a row between South African hotel and gaming group Sun International <SUIJ.J> and Nigeria's Economic and Financial Crimes Commission over its investment in a hotel operator in Lagos. The disagreement caused Sun International to pull out of Nigeria in August.

Rafiu Ibrahim, chairman of Nigeria's senate investigative panel on alleged illegal repatriation of funds, said on Wednesday that a team of international and local accountancy experts and lawyers had been assembled to look into the matter.

"Investors are nervous with what's happening with Nigeria purely because the past history has shown us that typically the government tends to move the goal posts," Independent Securities trader Ryan Woods said.

($1 = 304.5000 naira)


(Additional reporting by Ulf Laessing in Lagos; editing by Jason Neely and David Evans)

http://finance.yahoo.com/news/mtn-might-illegally-transferred-over-14-billion-nigeria-092407826--finance.html

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

modath:


You don't have to care for something or someone your being reviles for reasons that can't be rationally justified but always care for the truth and always try to patiently read for comprehension sake.....soliciting for LIKES?

Didn't know "present managers have been there since "2006"? ... still wondering what the percentage of may 2015- oct 2016 is of "2006-2016"..... pointing one finger tinz!!


















You have always "said", but kindly share what you "said" to past governments when oil price was in the stratosphere?

There is criticism & there is deep seated bias!!

YorubaStinks:
What type of Fuckery is this ??

They're not Nigerian company or affiliated with Nigerian government, Mtn is a south African company, they have the fucking right to transfer any amount of money they want to any country in the world


What do you want them to do ??
Run their business and then deposit all of their money into a Nigerian Bank account ??

Your government fined Mtn 40 billion naira and they paid up
Now, you are looking for another Fuckery to extort money from them

Mtn have done better than the Nigerian government in the history of Nigeria, do you know how many jobs they provide for Nigerians ?? Do you know how much revenue they bring to Nigeria ?? Do you know how much they pay in taxes to the Nigerian government ??

In one sentence, tell me what the Nigerian government have ever done for any Nigerian, dead or alive


Fuckery

YorubaStinks:
What type of Fuckery is this ??

They're not Nigerian company or affiliated with Nigerian government, Mtn is a south African company, they have the fucking right to transfer any amount of money they want to any country in the world


What do you want them to do ??
Run their business and then deposit all of their money into a Nigerian Bank account ??

Your government fined Mtn 40 billion naira and they paid up
Now, you are looking for another Fuckery to extort money from them

Mtn have done better than the Nigerian government in the history of Nigeria, do you know how many jobs they provide for Nigerians ?? Do you know how much revenue they bring to Nigeria ?? Do you know how much they pay in taxes to the Nigerian government ??

In one sentence, tell me what the Nigerian government have ever done for any Nigerian, dead or alive


Fuckery

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

YorubaStinks:
What type of Fuckery is this ??

They're not Nigerian company or affiliated with Nigerian government, Mtn is a south African company, they have the fucking right to transfer any amount of money they want to any country in the world


What do you want them to do ??
Run their business and then deposit all of their money into a Nigerian Bank account ??

Your government fined Mtn 40 billion naira and they paid up
Now, you are looking for another Fuckery to extort money from them

Mtn have done better than the Nigerian government in the history of Nigeria, do you know how many jobs they provide for Nigerians ?? Do you know how much revenue they bring to Nigeria ?? Do you know how much they pay in taxes to the Nigerian government ??

In one sentence, tell me what the Nigerian government have ever done for any Nigerian, dead or alive


Fuckery

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

YorubaStinks:
What type of Fuckery is this ??

They're not Nigerian company or affiliated with Nigerian government, Mtn is a south African company, they have the fucking right to transfer any amount of money they want to any country in the world


What do you want them to do ??
Run their business and then deposit all of their money into a Nigerian Bank account ??

Your government fined Mtn 40 billion naira and they paid up
Now, you are looking for another Fuckery to extort money from them
And you think you have spoken right, isn't it? Go outside there & see what obtains in other country. Is that how western nations permit others to remit money back to their home state without following rules. This is part of the change this Govt is talking about. Every sum moved out of the country must be subject available law of the land. They took us for granted whereas they won't allow that in their country.
Mtn have done better than the Nigerian government in the history of Nigeria, do you know how many jobs they provide for Nigerians ?? Do you know how much revenue they bring to Nigeria ?? Do you know how much they pay in taxes to the Nigerian government ??

In one sentence, tell me what the Nigerian government have ever done for any Nigerian, dead or alive


Fuckery

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

KingOfAmebo:


Don't just open your mouth and speak like a fool just because you have a chance for free speech...it is better you keep quite on issues you obviously have no knowledge about. Your senses should have told you a panel won't be set up to investigate the alleged money transfer if the money was transferred "legally".

wristbangle:
If MTN chooses to leave Nigeria, they will be on the loosing side more. Imagine 35percent of their mainstream are in the most populous country in Africa.

Meanwhile these crooks are extremely corrupt due to the crusade of calibres at the helm of power hence giving them the opportunity to practice illegal acts.

Can a Nigerian company if they invest in SouthAfrica do this kind of act?

KingOfAmebo:


Don't just open your mouth and speak like a fool just because you have a chance for free speech...it is better you keep quite on issues you obviously have no knowledge about. Your senses should have told you a panel won't be set up to investigate the alleged money transfer if the money was transferred "legally".

plaetton:
Is MTN not entitled to transfer THEIR profits, their OWN money, to their home country ?

If we don't allow foreign companies to transfer their profits to their home countries, then why exactly would any foreign company be foolish enough to come and invest in our economy ?

MTN electing to transfer their huge accumulated profits over the years is simply a vote of no confidence in the present managers of the Nigerian economy.

I have always said it that this clueless government has been waging a moronic war against CAPITAL, a war that it is surely guaranteed to loose, .. unfortunately, to the detriment of 180m Nigerians.

kaboninc:


It could also be true that the panel was set up to victimise someone. We've seen that before. We are just spectators, we just don't know what happens behind the scene

Charly68:
Many people don't think right,they are too narrow minded & extremely biased. No nation will permit such an act if it is true. This is part of the change we're talking about but many thought it is when Govt is sharing money that change has happened. Let us follow the law . Particularly the foreign nationals,they must know that there is a law in the land

KingOfAmebo:


To victimized who?...have you forgotten that MTN is a corporation with share holders?