The Nigerian Senate on Tuesday resolved to investigate an allegation that MTN Nigeria illegally transferred 13.92 billion dollars out of the country through its bankers between 2006 and 2016.

The move comes as Nigeria, Africa’s biggest economy, faces recession for the first time in more than 20 years.

The investigation threatens to raise tensions between Nigeria and the South African firm just three months after MTN agreed to pay a reduced fine of 330 billion naira in a settlement with the government over unregistered SIM cards.

MTN is the largest mobile phone operator in Africa and Nigeria accounts for around one third of the company’s revenues.

Its shares were down by 4.20 percent, at 1:46 pm local time on the Johannesburg Stock Exchange on Tuesday.

During its sitting, the Senate also rejected the recommendations which sought for the sale of National Assets to shore up Nigeria’s foreign reserves.

This resolution following the consideration of Report of the Ad-hoc Committee on the state of the economy, a committee chaired by Senator Yahaya Abdullahi.

Senate President Bukola Saraki commended the committee for a job well done and thanked his colleagues for their contributions. He said: “We have done our own parts in setting the agenda and our commitment to work with the executive on the 20 points agenda.”

The Senate President added: “Democracy is in action and we will monitor the recommendations. We will also do oversight and pass necessary bills on our own part.”

•Additional reports by Channels TV. Photo shows the Senate in session.

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