MTN Reported to have illegally transferred over $14 bln from Nigeria

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OCTOBER 20, 2016 – Shares in MTN Group slid more than 2 percent in mid-morning trade on Thursday after Bloomberg reported Africa’s biggest mobile phone operator might have illegally moved more than $14 billion out of Nigeria.

Bloomberg cited a Nigerian senator, Dino Melaye, who referred to early findings of an investigation into the allegation that MTN illegally moved the cash out of the oil producing country. MTN has denied the accusations.

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