MTN may have illegally transferred more than $14b from Nigeria

Telecom giant MTN could have transferred more than 14 billion dollars from Nigeria.

Citing early findings of a forensic report into the allegations, Nigerian lawmakers say the company may have illegally moved more funds than previously thought. Accountants and lawyers are also involved in the probe and are examining documents dating back 16 years. MTN, has denied the claim. An investigative hearing between the company, the central bank and four lenders is taking place this week. Shares in MTN Group slid more than 2 percent on the Johannesburg stock exchange following the news.

The stock has fallen more than 43 percent since MTN agreed to pay a 1.1 billion dollar penalty to the Nigerian government for missing a deadline to disconnect 5.1 million customers unregistered in the country.