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Senate indicts CBN over MTN’s $13.9bn repatriation

The Senate has blamed the Central Bank of Nigeria in its investigation of the alleged illegal repatriation of $13.9bn by telecommunication giant, MTN.

Adopting the report by the Committee on Banking, Insurance and Other Financial Institutions on the probe at the plenary on Wednesday, the Senate accused the CBN of laxity, leading to sharp practices by commercial banks.

The Senate had in October 2016 started a probe into the allegation that MTN illegally transferred $13.9bn from Nigeria to other countries between 2006 and 2016.

The Senate panel had summoned the CBN, MTN management, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act to a public hearing where they made counter-claims.

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