On Thursday, the Senate summoned the Central Bank of Nigeria, MTN Nigeria, the Financial Reporting Council of Nigeria, three commercial banks and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

According to the Senate, MTN was alleged to have made a series of transfers through different banks out of the country, some of which were Stanbic IBTC ($4.87bn); Standard Chartered Bank ($5.72bn); Citi Bank ($2.98bn); and Diamond Bank ($0.35bn).

The probe by the Senate began on September 27, 2016 when Senator Dino Melaye, a member of the upper chamber representing Kogi-West Senatorial District, said that MTN illegally repatriated a sum out of the country.

Read more at Punch