MTN Nigeria: We’ve Invested ₦3.4trn in Nigerian Economy Since 2001

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Mobile Telecommunication Network, MTN, said yesterday that since its incorporation in 2001, it has invested ₦3.4 trillion in the Nigerian economy.

The company also said it has paid over ₦2.5 trillion in taxes, levies and other regulatory fees as at December 2021, including ₦669 billion in 2021 alone.

The General Manager, Financial Operations of MTN, Yemisi Adeleye, disclosed this while appearing before the House of Representatives Committee on Public Accounts, PAC.

Also, the company’s Senior Manager, External Relations, Yemisi Adeleye, said the company had submitted all documentary evidence to the committee on request.

He said: “I can confirm that, like many of our private sector peers and contemporaries, we have been asked to provide evidence to the House of Representatives Committee on Public Accounts as part of an on-going investigation into revenue losses identified in the Auditor General’s reports on the Federal Government’s accounts.

“MTN has received formal confirmation from the Committee Chairman that it is not the subject of the investigation, and is always happy to demonstrate our full compliance with and commitment to all extant tax and regulatory obligations with respect to our operations.

”As such, the requested documents were submitted to the Committee today, Wednesday 23rd March 2022, at a hearing attended by Yemisi Adeleye, our General Manager, Financial Operations and Segun Odebunmi, Head of Tax in MTN.

“It should be noted that we have submitted extensive documentation to the house, including the documentation submitted today, in a range of similar investigations over the last few years.

“Since incorporation in 2001, MTN has invested more than ₦3.4 trillion into the Nigerian economy, and as at December 2021, has paid more than ₦2.5 trillion in taxes, levies and other regulatory fees, including ₦669 billion in 2021 alone.”

The committee chairman, Wole Oke, had earlier expressed displeasure with the company, since it was unwilling to make available all relevant documents to aide its work on the taxes of the company.

The committee said that the company had failed to tender a certificate of assets status issued by the Ministry of Trade and Investment.

According to the committee, the certificate is expected to contain the assets of the company which determines how much tax that is expected of them.

Alleging that most of the companies were evading taxation, Oke said the attitude of the telecom firm was ‘disrespectful to parliament, especially considering the fact that the company replied parliament’s invitation letter to the MD through an Executive Director.

The committee then directed the Nigerian Customs Service, NCS, to furnish it with all MTN import duty documents as well as other relevant tax documents to ascertain if waivers to the company were legitimately given.

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