MTN has been forced into issuing a denial that it has smuggled USD14 billion out of its Nigerian subsidiary illegally.

The reports refer to allegations made on the floor of the Senate that MTN had illegally repatriated $13.92 billion out of Nigeria over a period of 10 years in collusion with a number of commercial banks

In a short statement, MTN said that "the allegations made against MTN are completely unfounded and without any merit"

The company has struggled in Nigeria in recent years, with a huge fine of USD5.2 billion being negotiated down to a still substantial USD1.7 billion.