MTN and Ramaphosa linked to Nigerian banking probe

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.