The Nigerian Senate has heard how South African telecom giant, MTN, allegedly laundered billions of dollars over a number of years, failing to pay necessary tax in the country.
Dino Melaye, representing Kogi West, raised the matter on Thursday. He accused MTN of removing $12 billion from Nigeria illegally.
Members of the upper chamber were clearly angered when the revelations were made on the floor that the company connived with four commercial banks and a serving minister to ferret out money from Nigeria.
Mr. Melaye, representing Kogi West, said on Thursday in Abuja at the senate that MTN, has been involved in gross money laundering.
Mr. Melaye said, “Between 2006 and 2016, the MTN, in collaboration with four commercial banks and with the help of a serving Minister, has moved over $12bn out of this country”.
He made the revelation under order 42 of the Senate rule and said it was particularly painful that the company was involved in illegal money movement at a time Nigeria was in economic mess.
“All hands must be on deck to recover every loot in the country. We are in a precarious situation and now is the time to recover every stolen money in the country,” he said.
The Senate president, Bukola Saraki, approved Mr. Melaye’s request that the matter be formally tabled with necessary prayers on Tuesday, an indication the senate is likely to launch full investigation into the scam.
The Senate is hearing the case nearly a year after a Premium Times’ investigation exposed how MTN for several years, sidestepped Nigerian laws to ship billions of dollars abroad — in so doing, paid less tax in Nigeria.
The 11-month-long investigation showed that the company had been running circles around Nigerian revenue authorities using a complex but noxious tax avoidance scheme called Transfer Pricing.
-Premium Times
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