The Senate adopted the report of its Committee on Banking, Insurance and other Financial Institutions on the allegation that MTN Nigeria illegally repatriated $13.9bn to its headquarters in South Africa in contravention of the Foreign Exchange Monitoring and Miscellaneous Act. Even though the committee exonerated MTN Nigeria of any wrongdoing it ordered that Stanbic IBTC Nominees be sanctioned for shares transfer and splitting for the purposes of dividend repatriation.
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