MTN Telco to temporarily forfeit N8bn to FG

The forfeited N8bn belonging to the telecom company is based on a report linking it to an illegal transaction.

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MTN play

MTN

(Reuters)

Africa's mobile communication company, MTN, has been ordered to temporarily forfeit a sum of N8 billion contained in its Ecobank Nigeria Plc account to the Federal Government.

The bank account with registration number, 0012005379, is suspected to be a product of an illegal transaction, Vanguard News reports.

A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016. REUTERS/Siphiwe Sibeko/File Photo play A worker walks past an outlet of South Africa's MTN Group in Johannesburg, South Africa, February 23, 2016. REUTERS/Siphiwe Sibeko/File Photo

 

In a related development, Abdulaziz Anka, the presiding judge on the matter also ordered that a Skye Bank account with number, 1013607079, be also surrendered to the FG since the holder has not made any claim to it.

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President Muhammadu Buhari play

President Muhammadu Buhari

(Signal)

 

The development is possibly as a result of the hard stance of the President Buhari led administration towards any act of corruption.