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Shocking! How MTN illegally transferred Multi-billion Dollars out of Nigeria…

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The amount of money which South Africa’s MTN Group is alleged to have illegally moved out of Nigeria is “mind boggling”, a Nigerian lawmaker said on Thursday at the start of a parliamentary investigation into the telecoms company.

 

Nigeria’s upper house of parliament agreed last month to investigate whether the firm unlawfully repatriated $13.92billion between 2006 and 2016.

 

MTN shares fell 3.2 percent to more than six-year lows after Bloomberg quoted a senator as saying the amount could be “outrageously higher”. The shares later pared some losses.

 

The accusations of illegal transfers were denied by MTN Nigeria Chief Executive Ferdi Moolman, who appeared at the hearing.

 

“MTN categorically denies all suggestions that its bankers in strict violation of the FEMM Act (Foreign Exchange (Monitoring and Miscellaneous Act) and Foreign Exchange Manual, repatriated $13.92 billion illegally out of Nigeria,” said Moolman.

 

The allegation is the latest setback for Africa’s biggest telecoms firm in its most lucrative but increasingly most problematic market, coming months after it agreed to pay a greatly reduced fine of 330 billion naira ($1.08 billion) to end a long running dispute over unregistered SIM cards.

 

MTN officials, Nigeria’s trade minister and four lenders were due to appear at the parliamentary hearing, which started on Thursday.

 

“It is not what we can sweep under the carpet. We intend to get to the bottom of the fact, all of the fact, nothing but the fact,” said Olusola Adeyeye, a senator, reading out a statement from Senate leader Bukola Saraki, said at the start of hearing.

 

Dino Melaye, the senator who first made the allegations in a motion passed by lawmakers last month, said he raised the issue “as a patriotic Nigerian, a whistle-blower and an anti-corruption crusader”, adding that he stood by the allegations.

 

MTN is the largest mobile network operator in Nigeria, Africa’s most populous nation and has the continent’s biggest economy. The country accounts for a third of MTN’s revenue.

 

It follows a row between South African hotel and gaming group Sun International and Nigeria’s EFCC over its investment in a hotel operator in Lagos. The disagreement caused Sun International to pull out of Nigeria in August.

 

Rafiu Ibrahim, chairman of Nigeria’s senate investigative panel on alleged illegal repatriation of funds, said on Wednesday that a team of international and local accountancy experts and lawyers had been assembled to look into the matter.

 

“Investors are nervous with what’s happening with Nigeria purely because the past history has shown us that typically the government tends to move the goal posts,” Independent Securities trader Ryan Woods said.

 

($1 = 304.5000 naira)

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Former Lagos PDP Governorship Candidate Jandor Set To Join APC

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Dr. Olajide Adediran, popularly known as Jandor, a former Lagos State governorship candidate of the Peoples Democratic Party (PDP), is reportedly set to join the ruling All Progressives Congress (APC) today (Monday).

According to The Nation, Jandor has finalised plans to defect to the APC just two weeks after resigning from the PDP.

Reports indicate that the former Lagos PDP chieftain will formally announce his defection at a scheduled press conference at his campaign office in Ikeja.

 

Jandor had recently held consultations with President Bola Tinubu, former Vice President Atiku Abubakar, and other political figures following his resignation from the PDP.

 

His spokesperson, Gbenga Ogunleye, confirmed in a statement last Thursday that the meeting with the President took place on Monday.

 

The statement read, “I can confirm that Dr Abdul-Azeez Olajide Adediran Jandor met with President Bola Tinubu on Monday (last week).

 

“He has earlier met with Vice President Atiku Abubakar, former President Ibrahim Babangida, former Head of State, Gen. Abdusalami Abubakar, the presidential candidate of the SDP in the 2023 general elections, Prince Adewole Adebayo, among other prominent national leaders. It is part of his ongoing consultation after his resignation from the Peoples Democratic Party.

 

“The National Secretary of the PDP and other leaders of the party also visited him recently to appeal for the reconsideration of his resignation from the PDP.

 

“Dr Adediran will meet with his political associates and critical stakeholders in Lagos over the weekend and address the media by Monday, 17th March 2025.”

 

Adediran was the governorship candidate of the PDP in the 2023 Lagos State governorship election. He emerged as the party’s candidate after defeating other aspirants in the primaries.

 

Jandor, a former APC member and founder of the Lagos4Lagos Movement, had presented himself as a fresh alternative to the long-standing APC government in Lagos.

 

To bolster his chances and appeal to a broader electorate, he chose popular Nollywood actress and producer Funke Akindele as his running mate.

 

Akindele’s selection was strategic, aiming to leverage her massive influence in the entertainment industry and among Lagos’s youth and urban voters. However, their campaign faced significant challenges, including internal party conflicts.

 

Despite their efforts to present a strong opposition, the Jandor-Akindele ticket was unsuccessful in unseating the APC government. They finished behind both the incumbent governor, Sanwo-Olu, and Gbadebo Rhodes-Vivour of the Labour Party.

 

In March 2023, the Independent National Electoral Commission (INEC) declared Sanwo-Olu as the winner of the March 18 Lagos governorship election.

 

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Just In: Lagos court orders Oba Otudeko to appear for ‘N30bn fraud’ trial

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The Federal High Court sitting in Lagos has ordered Oba Otudeko to take a plea in the charges filed against him by the Economic and Financial Crimes Commission.

The order was given by Justice Chukwujekwu Aneke on Monday.

Recall that EFCC had filed a 13-count charge against Otudeko and three others over an alleged N30 billion loan fraud.

At the hearing of the matter, the judge said Otudeko must take his plea before an application challenging the court’s jurisdiction on the case can be decided.

The judge subsequently adjourned the case to May 8.

Details later…

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PDP NWC meets in Abuja amid tight security

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Members of the National Working Committee, NWC, of the Peoples Democratic Party, PDP, are currently meeting in Abuja, the nation’s capital.

The meeting, which is being held behind closed doors at the party’s national headquarters, is presided over by the PDP National Chairman, Umar Damagum.

This comes two days after the Supreme Court dismissed a motion for a stay of execution of a High Court judgment removing Senator Samuel Anyanwu from office as National Secretary and replacing him with Sunday Udeh-Okoye.

There was a heavy presence of security personnel, including operatives from the Department of State Services, DSS, the police, and the Civil Defence Corps, at the PDP headquarters in Abuja.

Earlier, party staff clashed with thugs and some members loyal to the embattled PDP National Secretary.

A PDP staff member who witnessed the clash and requested anonymity told journalists that the scuffle began when supporters of Samuel Anyanwu entered the party premises.

According to him, the pro-Anyanwu supporters attempted to lock out some members of the PDP National Working Committee who were arriving for their usual midweek meeting. However, they were overpowered by staff, private security guards, and some police officers attached to the secretariat.

The incident led to the deployment of additional security personnel to prevent a further breakdown of law and order.

 

 

 

 

 

 

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