MTN Summoned to Investigative Hearing by Nigerian Lawmakers

MTN Group Ltd., its banks and Nigeria’s Trade and Industry Minister Okechukwu Enelamah have been asked to appear before the nation’s Senate for an investigative hearing related to allegations the wireless carrier illegally moved almost $14 billion out of the country.

Company directors, including the chairman of MTN’s Nigerian business, Pascal Dozie, have been summoned to the Senate on Oct. 20, according to an invitation from the Abuja-based committee investigating the matter. Africa’s biggest mobile-phone company by sales is accused of illegally repatriating the funds over 10 years starting in 2006, according to Dino Melaye, a Nigerian politician.

MTN Nigeria Chief Executive Officer Ferdi Moolman last month said the allegations are completely unfounded.

The fresh dispute comes less than four months after Johannesburg-based MTN agreed to pay a 330 billion naira ($1 billion) fine to the Nigerian government for failing to disconnect unregistered customers.

MTN closed 3.5 percent lower at 109.50 rand in Johannesburg. The stock is down 37 percent since the fine was imposed in last October.

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