MTN Group Ltd. may have illegally moved more than the previously claimed $14 billion out of Nigeria, Senator Dino Melaye has revealed, citing early findings from an investigation into the allegation by international forensic experts.
“We have realized from preliminary investigations that it is actually outrageously higher than” the original figure, Dino Melaye, who raised the allegation in September, told reporters in the capital, Abuja, on Wednesday, according to a Bloomberg report.
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.
