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MTN may have moved above $14bn from Nigeria, lawmaker says

‘Preliminary investigations reveal that the amount is actually outrageously higher than’ the original figure.

MTN Group may have illegally moved more than the previously claimed $14 billion out of Nigeria, a lawmaker said, citing early findings from an investigation into the allegation by international forensic experts.

“We have realised from preliminary investigations that it is actually outrageously higher than” the original figure, Dino Melaye, the senator who raised the allegation last month, told reporters in the capital, Abuja, on Wednesday. Accountants and lawyers are also involved in the probe and are examining documents dating back 16 years, said Senator Rafiu Ibrahim, chairman of the committee on banking, insurance and other financial institutions that is leading the inquiry.

MTN, Africa’s biggest wireless carrier by sales, has denied the claims. An investigative hearing in presence of the company, the central bank and four lenders is expected to be held on Thursday.

The investigation is taking place about four months after MTN agreed to pay a 330 billion naira ($1.1 billion) fine in cash to the Nigerian government and list its local unit on the country’s stock exchange after about eight months of negotiations. That penalty was imposed for missing a deadline to disconnect 5.1 million customers unregistered in the country, which is battling an Islamist insurgency.

The shares declined 2.3% to R107.50 as of 10:04am in Johannesburg. The stock has fallen more than 43% since the fine was first reported a year ago, allowing crosstown rival Vodacom Group to overtake the company in terms of market valuation.

© 2016 Bloomberg

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The gift that keeps on giving.

( The wrong sort of gifts. )

It has got to a stage where no one can believe anything this bunch say. MTN like No. 1 in continuous litigation with some or other party.

It looks like I will be liquidating my MTN Zakhele shares at a loss in November

I remember before all the shenanigans, MTNZ used to trade above R80.00 per share, now worth a mear R45.00

MTN should write off some of the BEE Debt ( like Phuthumani/Welkom/Naspers ) did. The weak MTN share pice is all MANAGEMENT FAULT. I Hope MTNZ can realise at + R80 per share when it unbundle. MANAGEMENT should make it work !!!

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