shammah1:
That's ridiculous. They should be punished

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.

No Be Only Blast? After That What?

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... .

You could have listed the laws broken by MTN, this tirade won't solve any problem.

Who invited the MTN (a foreign company) to bid for license?
Who got the fee from their bid?
How will MTN pay their shareholders and senior executives, who are based in South Africa?
How can MTN pay for the equipment it uses, and the link arrangements with fibre and satellite companies?

I don't understand why senate is making such a fuss. Companies exist to make profits, and those profits are to be used and moved as the company sees fit. Why are we blaming MTN for doing what is normal and regular?

If you don't like their practices, don't do business with them. It's not like they are a monopoly (thank God).

If gov't wants MTN to invest more in Nigeria, gov't should fix its own infrastructure so that it makes business sense. It can also give incentives that encourage more Nigerian companies to provide such services.

The complaint about moving so much forex is a joke. EVERY foreign company eventually exchanges into its home currency (usually via dollars). How much forex you think British Airways takes back to UK everyday? Or Boeing into US? Or Toyota into Japan? Instead of aiming to be like the big boys by diversifying our economy and growing it, we're crying because somebody is taking the little we have. Misplaced priorities, senators.

Except FDI laws under the Company And Allied Matters Act has been amended, mtn has every right to take such action.

Make laws to stop it happening .

What use is blasting!

Make laws to stop leakages of our wealth such as PIB , money laundering and cases like this one they don't want to.

Even simple passage of 2017 budget bill is a problem.

When it comes to laws to protect their corrupt asses by weakening EFCC and CCT they make and pass such law at the speed of light.

Stanbic IBTC..... South African company

MTN........ Another south African company

UnknownT:
I no understand, no be their profit dem dey repatriate?

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

magabounce:
MTN!!! Everywhere you go!!!

hmmm, I hope I have not made mistake

olajay86:


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.

Central Bank wait first oooooo. Lemme check my account balance won't StanbicIbtc.

olajay86:


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.

Central Bank wait first oooooo. Lemme check my account balance with StanbicIbtc.

stankezzy:
in usa , u are not allowed to travel with more than 10k or else it will be siezed , I don't know why black people always behave like fools, a company that came with nothing , was financed by pascal dozie tru inter/access bank now they are taking billions home from an economy they came into with nothing , just like Etisalat that the managers were allowed to go oweing 800billion to Nigerian banks but if na diezani now every notherner go open eyes wide , are we not fools

thanks for ur great contribution bro.... Its baffling how most ppl on this thread are insulting Senate for taking actions and they are supporting mtn.. Smh for our youths

Magu said it that our Banks are fraudulent and unpstrotic

MONITZ:
MTN has always been about themselves ,t[b]hey re strictly in business with little care given to social corporate responsibility and ethics. [/b]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... .

That is not true. Apart from the oil majors, I doubt if there is any corporate entity that has done more in the area of CSR than MTN.

Please google "MTN Foundation" and see what the company has and is still doing in the area of CSR.

The company might be a lot of things but fact remains that their positives far outweigh the negatives.

Mtn will always disrespect us because of the high level of corruption on the path of those in authority to the detriment of the poor masses.hope this will not be swept under the usual carpet.

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... .

Abegi!
They should leave mtn alone.
Ordinary give prepaid meter to Nigerians, PHCN refused to do, for God knows how long, they keep on giving fraud laden 'Un-estimated' bills.
What have the senate done to PHCN and DISCOs except giving them drum beats with their endless warning.

These are d companies dat killed Nigeria economy.... Many came with almost nothing and borrowed from banks dat won't lend to average Nigerians...


We have very stupid and useless Senators... So from 2006 to 2016 was dat hallow chamber empty of skulls... Idiot corrupt fools

nextstep:
Who invited the MTN (a foreign company) to bid for license?
Who got the fee from their bid?
How will MTN pay their shareholders and senior executives, who are based in South Africa?
How can MTN pay for the equipment it uses, and the link arrangements with fibre and satellite companies?

I don't understand why senate is making such a fuss. Companies exist to make profits, and those profits are to be used and moved as the company sees fit. Why are we blaming MTN for doing what is normal and regular?

If you don't like their practices, don't do business with them. It's not like they are a monopoly (thank God).

If gov't wants MTN to invest more in Nigeria, gov't should fix its own infrastructure so that it makes business sense. It can also give incentives that encourage more Nigerian companies to provide such services.

The complaint about moving so much forex is a joke. EVERY foreign company eventually exchanges into its home currency (usually via dollars). How much forex you think British Airways takes back to UK everyday? Or Boeing into US? Or Toyota into Japan? Instead of aiming to be like the big boys by diversifying our economy and growing it, we're crying because somebody is taking the little we have. Misplaced priorities, senators.

Well said. Is it not their money ? Have they not paid taxes ?

francisbiz:

Abegi!
They should leave mtn alone.
Ordinary give prepaid meter to Nigerians, PHCN refused to do, for God knows how long, they keep on giving fraud laden 'Un-estimated' bills.
What have the senate done to PHCN and DISCOs except giving them drum beats with their endless warning.

Haha, one at a time and though despite their shortcomings they still standout as the only one ready for business as the others re just there particularly our own local telco that should be going bing MTN a run for her money
PHCN is a behemoth of corruption and it will need a dedicated leader to cleanse it's Aegean stable nd there seems to be no solutions at hand thereby making the masses to be at their mercy.

They extort the masses at will at the end of every month with estimated bills for darkness. If the government is serious then they should make it mandatory for PHCN to supply every household a pre-paid meter and see if they would not sit up..
..

UnknownT:
I no understand, no be their profit dem dey repatriate?

My brother See me see wahala? What of international oil companies? Did they keep their profit from dollars in Nigeria? What's the point of coming to invest in your country if I cannot take my profit out. Abi is it not their money again?

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.

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.

Majesticniyi:
So, were we sleeping between 2006 and 2016? MTN could be wrong but if we fail to address potholes in our constitution that allow these atrocities to be committed, we would just keep talking and dragging these organizations to court over Cass they would clearly win!

when a corrupt and inept government is in place what do you expect?am just tired of this country,the moment you want to blame buhari,and you remember how much deziani and her cronies stole under gej nose esp wen ur from same southern zone,pdp was a catastrophe and worst thing dat ever happened to dis country

burakado17:
do we need to blame them? Our corrupt leaders who are at helm of affairs especially those in charge of our banking industry should be held responsible.

Which leaders? the ones who don't know their left from their right ,they re just too devious to care about the Masses when they ve their concubines and harem of ladies to tend to....

The head is rotten and that is y all nd sundry get away with all their atrocious acts...

Einl:
They're angry they weren't bribed.

You deserve a medal.

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... .

Bullshit
The main aim of any investor in the world is to maximise profit not corporate responsibility. To make profit one must be greedy and exploitative. If your systems are weak, the investor exploits it. That is standard business practice anywhere in the world. Its foolish to expect investors to help you run your financial institutions

Sniper12:
...how is this the business of the senate too

Are you saying this matter should be left for Nnamdi Kanu to handle!?
Seriously!!

Sniper12:
...how is this the business of the senate too

Are you saying this matter should be left for Nnamdi Kanu or Gani Adams to handle!?
Seriously!!

allansie:
This senate dey funny sha....wot of dem wey dey carry our own money comot nigeria nko....at least,its mtn money...somebody carry 90billion dollars comot 9ja,dem no talk....bastards!!!

and u believed someone carried 90b dollars from Nigeria......

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... .

you de talk trash bros. They moved their money, the owners are not Nigerians do you expect them to come and live in Nigeria and spend it
Do you even know what CSR is have you heard of MTN scholarships. and other programmes carried out by MTN foundation, what of Who wants to be a millionaire, even sign ambassadors is an aspect of CSR.

Don't follow Nigerian politicians, they know what they are looking for from MTN

These same politicians complaining of capital flight spend millions traveling aboard, own businesses, bought properties, go on holiday, send kids to foreign schools.

Are the above not capital flight?

These guys moved their money not as if they took it at once, over a period of 10years. is there anything wrong sending money to your business partners and investors. By the IBTC is an investment bank

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 is simple economics,you can move to glo and keep the money in Nigeria if you dey vex.

well politics behind i think this is one of the most active senators we have since democracy, they identify flaws sharply and I wish the could also change their mind on embezzling public funds that the wont spend through their existence on earth

Xxpress:
Can this be possible without the knowledge of CBN?

is it a crime to change your naira to forex and repatriate it out of the country?,cbn has collected their transfer charges in dollars.