Punish ko, panama ni. So you think mtn should be mugu like Nigeria, they should give you their hard labour profit so that you can hid it in one old shop in Lagos abi, senate don loss value tey tey

Some people are under the impression that MTN is in Nigeria to run a charity course.shouldn't MTN move it's profits?? What law did they break?

Where are the banking and telecommunication regulators when this act was carried.

10 years is not a day and it was happening under their nose.

If CBN is culpable, knowing that this transactions to place between 2006 to 2016, who is going to sanction them after sanctioning Stanbic IBTC.

Thus county na very funny one.

Isn't any international company allowed to repatriate their profits? Can anyone rationally explain exactly what the issue or "crime" is?

If I buy a house in US for $100k, haven't I moved money out of Nigeria? So what's the fuss all about?

MONITZ:
MTN has always been about themselves ,they re strictly in business with little care given to social corporate responsibility and ethics. They re simply very crooked in their dealings with Nigerians and they neither give a hoot nor care as far as the profit keeps rolling in,they ve been outed on some occasions, from telling us then that per second billing was not possible until GLO came to disprove that,and also other sharp practices like the one they engaged in and were caught just recently nd were fined nd made to pay thru their nose, they were also accused of giving the National Assembly members recharge cards raining from 15k to 25k every month, now y were they doing such a thing if they were clean?, they re simply haemorrhaging this country badly nd they re an economic terrorist and must be properly checked... .

It's a only a house rat that invites the bush rat to the house, if we don't have greedy Nigerians helping this guys they won't dare it.

udemzyudex:


It's a only a house rat that invites the bush rat to the house, if we don't have greedy Nigerians helping this guys they won't dare it.

TRUE..

Why bkastbthemm...When you go around begging foriegn investors to come in and neglecting your own...You see things like this....It's called capital repatriation

The way out of your stupidity you killed mytv and allowed DSTV

Wetin concern me

COMPAQ:
Isn't any international company allowed to repatriate their profits? Can anyone rationally explain exactly what the issue or "crime" is?

If I buy a house in US for $100k, haven't I moved money out of Nigeria? So what's the fuss all about?

Don't mind the idîots

olajay86:
http://www.titopeblog.com/2017/07/senate-blasts-mtn-for-moving-14bn-out.html

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.

the truth is that, the senators wants to collect their own cut/commission. Parliament of baboons

kitaatita:

First look at our laws. So called foreign investors are allowed to being in capital and to repatriate the profits 100%. So what the foreign companies have been doing is to bring in miserly forex and open shop here. They go to the CBN and apply for forex for spares and sundry items. They use the opportunity to move forex out of the country in the name of profit and spare parts. Besides, at the slightest volatility, they close shop and leave. They are not foreign investors.

so when Mtn was investing billions to build their telecom infrastructure across the country did they not bring in the money from outside? the goal of Any foreign investor is to bring in their money and invest so that they can repatriate their profits back home.

martineverest:
it is... But it's against the law... I remember that law was made during obj tenure

don't misinform people, there is no such law. why would any foreign investor bring in money if they know they cannot take out their profits.

zoedew:


Medicine after death! Where were they when MTN in collabo with corrupt and unpatriotic public servants kept MTEL prostrate for
MTN to dig in? All we got in return was killings of Nigerians in SA. STANBIC-IBTC plus those unpatriotic and corrupt deserve the big stick.

why do we specialize in blaming others for our shortcomings? before Mtn came to Nigeria why was Nitel, which later became mtel not doing well?

ernieboy:

why do we specialize in blaming others for our shortcomings? before Mtn came to Nigeria why was Nitel, which later became mtel not doing well?

The same corrupt and unpatriotic Public Servants embodies the answer you seek! #lookdeeperandnofurther

oyienootieno:
So they should leave it here so you can loot abi? Bunch of wasted sperm.

Don't mind the senators and some nairalanders. I think it is their profits, one way or another, the money would still be moved out of the country.
An average Nigeria youth has been made to believe that "government has no business being in business". And here we are, South Africa government companies like MTN , DSTV and Co are repatriating money back home. China Civil Construction Company is there, winning contracts from both the FG and SGs in Nigeria. What a shame!

zoedew:


The same corrupt and unpatriotic Public Servants embodies the answer you seek! #lookdeeperandnofurther

You are saying what he was saying.

.........and Stanbic IBTC bank is corrupt too

black kettle calling pot black

billionvan:
You deserve a medal.

Lol. Thanks.
But I prefer beer.

maasoap:

You are saying what he was saying.

No. Not quite. You may wish to read his first paragraph more closely. For me this is not about a blame-game but an x-ray of the scenario The Senate sought to put up. Speaking for myself, I see nothing untoward in MTN repatriating its profit to SA so long as it is done legally. So painful to see that resources from a juicy emerging telecoms market that NIGERIA is has ended up elsewhere due to the corrupt and unpatriotic acts of our public servants in collusion with the Senators now crying over split milk. To think that MTEL had base stations in the 774 Local Government Headquarters location of Nigeria even when MTN was yet to have a square inch of land to itself! It only needed to have telecoms equipment clamped at those locations and hit the ground running but saboteurs masquerading as public servants had MTEL's hands tied behind it's back for MTN to take off. Most unfortunate!

Where were EFCC, National Financial Intellgence Unit and CBN before the movement of such huge amount of money?