Close This website uses modern features that are not supported by your browser. Click here for more information.
Please upgrade to a modern browser to view this website properly. Google Chrome Mozilla Firefox Opera Safari
your legal news hub
Sub Menu
Search

Search

Filter
Filter
Filter
A A A

MTN and Ramaphosa linked to Nigerian banking probe

Publish date: 19 March 2018
Issue Number: 766
Diary: IBA Legalbrief Africa
Category: Forensic

South African President Cyril Ramaphosa could be drawn into a forensic probe initiated by the Nigerian Government into alleged foreign exchange violations by banks acting on behalf of MTN. Ramaphosa’s former investment holding company, Shanduka, is among previous and current shareholders in MTN Nigeria whose names have cropped up during a forensic audit of billions of dollars flowing in and out of Nigeria. The Financial Mail reports that the audit centres on foreign exchange declarations the banks issued to the telecommunications giant. A confidential audit report, which Finance Uncovered says it has seen, makes no allegations of wrongdoing against MTN, but its claims raise questions about whether MTN knew about its bankers’ alleged violation of Nigerian laws and even if it might have benefited from this. The report notes that MTN said it had not been approached by the authorities.

Full Financial Mail report

We use cookies to give you a personalised experience that suits your online behaviour on our websites. Otherwise, you may click here to learn more, or learn how to block or disable cookies. Disabling cookies might cause you to experience difficulties on our website as some functionality relies on cookie information. You can change your mind at any time by visiting “Cookie Preferences”. Any personal data about you will be used as described in our Privacy Policy.