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Embattled telco’s CEO insists allegations it colluded with banks to transfer funds are unfounded.
MTN has denied allegations that it illegally transferred $13.92 billion (€12.43 billion) out of Nigeria.
The denial was issued after Nigeria’s parliament agreed to investigate claims that the South Africa-based telco colluded with banks to channel money out of the country, reported Reuters on Wednesday.
The illegal activity is said to have taken place over a 10-year period.
In a brief statement, MTN acknowledged "various media reports containing allegations of improper repatriation" of funds from Nigeria.
"The allegations made against MTN are completely unfounded and without any merit," insisted MTN Nigeria CEO, Ferdi Moolman.
True or otherwise, this week’s allegations are an embarrassing turn of events for MTN Nigeria, which is still reeling from the fine imposed on it for missing a deadline for disconnecting unregistered SIM cards.
The operator was originally slapped with a $5.2 billion (€4.6 billion) penalty in October 2015, but by June it had managed to negotiate it down to $1.67 billion.
Nonetheless, the fine wiped 8.63 billion rand (€561.8 million) off MTN’s net income in the first half of 2016.
The fine also cost former MTN group CEO Sifiso Dabengwa his job. He was replaced on a temporary basis by another former MTN chief executive, Phuthuma Nhleko. In June, ex-Vodafone executive Rob Shuter was named as Dabengwa’s permanent replacement.
