Chief Executive officer of ‎Mobile Telecommunication Network (MTN), Ferdi Moolman   admitted that   Nigerian law was broken in allegation of Capital flight of $13.9 billion by the company.

He explained to the committee that it was almost impossible for MTN to comply at all times with the rule which makes it compulsory for investors bringing in capital into the country to be issued Certificate of Capital Importation (CCI) under 24 hours.

Moolman who appeared before the Senate Committee on Banking, Insurance and Other Financial institution investigation alleged Capital flight of $13.9 billion by MTN said‎ the CCI issued through the Central Bank of Nigeria and 4 others on behalf of MTN is five years old.

However, Pascal Dozie who spoke on behalf of the Board of MTN Nigeria, Pascal Dozie denied the allegation of Capital flight by the company.

Dozie said he has never contemplated breaking any law and has never violated the law.

He explained that what MTN repatriated were dividends payments from legitimate transactions done in line with extant laws between through several transactions conducted between 2001 and 2006.

Senator Dino Melaye who blew the whistle on MTN and others was at hand to produce damning evidence linking the minister to how the money was shipped out of the country.

Also indicted is the Central Bank of Nigeria (CBN) that issued the CCI that was used to clear the money.

Diamond Bank also denied being involved in any illegal transaction; pointing out that the CCI it issued were genuine.

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