Nigeria: MTN Suspends Nigeria Dividend Payout Amid Allegation Of Illegal $14 Billion Transfer

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South African mobile phone operator MTN Group has suspended dividend payouts from its Nigerian unit, it said on Monday, amid allegations that it illegally moved $14 billion out of the west African country.

« MTN Nigeria continues to refute the allegations that MTN Nigeria had improperly repatriated funds from Nigeria, » it said in its quarterly update.

Nigeria’s upper house of parliament last month agreed to investigate whether Africa’s biggest telecoms company unlawfully repatriated $13.92 billion between 2006 and 2016.

The Johannesburg-based company reported a slight fall in the number of users in the third quarter due to a weaker showing in a fiercely competitive home market, where it vies for market share with Vodacom and Cell C.

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