$8.1bn MTN fine: Face your core duties – Group tells Senate

A Group, Buhari Media Organisation (BMO) has told the Nigeria Senate to pay more attention to its legislatives duties rather than dabble into issues that are strictly within the purview of the executive arm of government.

The Buhari Media Organisation (BMO) gave this admonition in its reaction to the Senate resolution on the fine imposed on telecommunication company, MTN and advised the Senate to desist from interfering with the executive in running of state affairs but to concentrate more on its duties of providing adequate legislation for the growth of the nation.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke in Abuja on Monday, the group pointed that the communication company found to have violated extant laws; must abide by the consequence of such actions, as MTN violated currency regulations by sending $8.1 billion abroad illegally.

BMO advised the Senate to refrain from assuming executive powers in the management of State affairs and focus on forming more quorums so members can attend to key national issues and give value for money being spent on them.

The statement said: “The Senate is reminded that, not only will MTN pay its fine as ascribed by the Central Bank of Nigeria (CBN), banks involved in this illegal repatriation have been fined and sums debited at source.

“The issue in contention is not a fine but repatriation of foreign exchange initially thought to have been fraudulently secured through local banks and the derivation arising from that is that MTN would have been made to pay back the $8.1 billion while the local equivalent value would have been refunded to MTN.

Now it would seem that the matter of repatriation had been resolved by the CBN so the suggestion of the $800 million is a surcharge on the transaction rather than repatriation”.