The Senate is set to hack down on Stanbic IBTC Bank whose actions were said to in no way aid in abating the current economic crisis bedeviling the nation. Both Institution have their Headquarters in SouthAfrica.



The Senate on Thursday said there was a capital flight of $13.92 billion by MTN Nigeria between 2006 and 2016. Senate confirmation was a 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 ...See more: http://www.hillscope.com/senate-sanctions-stanbic-ibtc/