Minister says Melaye’s accusations on MTN’s $13.9bn baseless

Dr Okechukwu Enelamah, the Minister of Industry, Trade and Investment, has described as baseless, the allegation by Senator Dino Melaye that he colluded with MTN Limited to illegally repatriate $13.92 billion.

Melaye had on Tuesday raised a motion on the floor of the Senate accusing Enelamah alongside four Nigerian banks, Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank, of facilitating the illegal repatriation of $13.9 billion by MTN to its home country, South Africa.

But the minister in a statement by the Director Press, Federal Ministry Investment, Trade and Industry, Mr. Greyne Anosike Thursday night, denied the allegation, adding, that he was ready for any investigation the Senate might decide to carry out on the matter, adding that the allegations were without merit and baseless.

He said, “Our attention has been drawn to a statement credited to a serving Nigerian Senator on the floor of the Senate on Tuesday September 27, 2016, making a number of allegations regarding improper remittance of funds out of Nigeria. We are compelled to make clear the following:

“Enelamah served as the CEO of Capital Alliance Nigeria Limited (CANL) between 1998 and 2015. CANL is a wholly owned subsidiary of African Capital Alliance (ACA), an Africa focused private equity firm with investments in carefully selected companies within and outside Nigeria, including MTN Nigeria.

Read also: Senate probes minister, 4 banks for fraudulent transfer of MTN’s $13.9bn

“A fund managed by ACA, alongside other minority shareholders, invested in MTN Nigeria through Celtelecom. Dr Enelamah was never the “owner” of Celtelecom as alleged by the Senator; neither was he ever a Celtelecom shareholder. Instead he was a director of the company, representing the ACA managed fund.

“Investors do not have responsibility for remittance of proceeds from the company they are invested in. Therefore, at no time was Dr Enelamah in a position to transfer funds out of Nigeria on behalf of MTN Nigeria, and at no time did Dr Enelamah transfer any funds out of Nigeria on behalf of MTN Nigeria,” part of the statement read.

By Ebere Ndukwu ….

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