Senate exonerates MTN Nigeria over forex transfers

Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group Ltd’s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent.

But the Senate report also asked Nigeria’s central bank to sanction Stanbic IBTC Bank “for improper documentations in respect of capital repatriation and loan repayments” on behalf of MTN.

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