The Nigerian Economic and Financial Crimes Commission (EFCC) has officially charged three directors of VMobile (formerly Econet Wireless Nigeria) with corruption, following its investigations into the circumstances surrounding the withdrawal of Vodacom SA from VMobile.
The EFCC began its investigation following the termination of a five-year management agreement between Vodacom and VMobile - ostensibly by mutual agreement - two months after it was signed, with Vodacom citing "irregularities" in the payment of brokerage fees.
The EFCC claimed its investigation was to determine to what extent transparency and corporate governance had been compromised in the relationship between the companies.
The charges were laid on Friday, following a four-month investigation by the EFCC, initiated by Nigeria`s president Olusegun Obasanjo.
Strive Masiyiwa, CEO of Econet Wireless International (EWI), says EWI has submitted over 2 000 pages of documentary evidence to the EFCC and has also accepted a request by the commission to be a state witness in the case, along with several EWI executives.
Related stories:
Nigerian operator replaces chairman
Probe into failed Vodacom, V-Mobile deal
David bloodies Goliath`s nose
Vodacom exit 'not due to Nigerian corruption`
Share