Leading telecoms giant, MTN Nigeria has denied the allegation of illegal repatriation of $13.9 billion to South Africa levied against it by the senate.

MTN Nigeria was said to have illegally transferred $13.9 billion to South Africa through its bankers between 2006 and 2016. The Senate had directed its Committee on Banking, Insurance and Other Financial Institutions to investigate the allegation.

Chief Executive Officer, MTN Nigeria,  Ferdi Moolman has described the allegation as untrue.

“The allegations made against MTN are completely unfounded and without any merit,” Moolman stated.

Senator Dino Melaye who made the allegation had through a motion in the Senate said the deal was facilitated by the Minister of Trade and Investment, Dr. Okechukwu Elenemah and some Nigerian banks: Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank.