MTN says it obtained clearance to move money out of Nigeria

MTN Group, responding in detail to allegations
that it illegally moved more than $14bn out of
Nigeria, said central bank approvals were
obtained before any dividends were issued.
"No dividends were declared or paid until the
certificates of capital importation were issued
and finalised," Ferdi Moolman, the Nigeria head
of the Johannesburg-based cellphone company,
said in an e-mailed statement on Friday.
A CCI is a central bank document that allows
for the transfer of capital from Nigeria to a
foreign investor, according to Guaranty Trust
Bank.
MTN shares have slumped 14% to six-year
lows since Nigerian politicians raised
allegations that the wireless carrier broke the
law when repatriating funds from the country,
its biggest market, over 10 years starting in
2006.
      Moolman appeared before a senate committee
on Thursday to defend the company against the
claims, which came four months after MTN
agreed to pay a regulatory fine of $1.1bn
related to an order to disconnect unregistered
subscribers.
MTN said some CCIs were issued outside a 24-
hour requirement for various administrative
reasons.
The company said it believed its banks followed
proper guidelines by notifying the central bank
and getting approvals.
"The central bank has the authority, and indeed
we believe, approved the banks’ applications to
issue CCIs outside the recommended time
frame," Moolman said in the statement.
MTN shares were off 2% at R105.40 at
12.46pm on the JSE on Friday, their lowest
since July 2010.