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

A minister under President Muhammadu Buhari-led Federal Government has been accused of aiding MTN to repatriate $13.9 billion to its home country, South Africa.

Senator Dino Melaye had on Tuesday raised a motion on the floor of the Senate accusing the Minister of Trade and Investment, Dr Okechukwu Elenemah, of facilitating the illegal repatriation of $13.9 billion by MTN to its home country, South Africa.

The banks allegedly involved are Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank, and the offence is said to have been committed through the bankers between 2006 and 2016.

On the matter, the Senate directed its Committee on Banking, Insurance and Other Financial Institutions, to investigate the alleged illegal repatriation of $13.9 billion by MTN and the four banks alleged to have aided it.

Earlier, Melaye had accused MTN, the telecommunications company in Nigeria, of being involved in gross money laundering.

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He also said, “The senate notes with serious concern the repatriation of $13.92bn illegally out of Nigeria by Mobile Telecommunication Limited (MTN) through its‎ bankers between 2006 and 2016. Concerned that since inception, MTN had sought the collaboration of influential and unpatriotic Nigerians to assist them in looting our external reserves.

“Pained that these Nigerians, including a serving minister who MTN used in moving $13.92bn out of Nigeria, which is over 50 per cent of our external reserves floated and incorporated offshore SPVs in Cayman Island, Mauritius and British Virgin Island.

“The minister of industry, trade and investment, Dr Okechukwu Enelamah, owner of CELTELCOM Investment Limited with address at No 608, St James, Denis Street Port-Lewis Mauritius purportedly claimed to invest in MTN on February 7, 2008, got certificate of capital importation and filled form A on the same date, closed his investment in Nigeria after receiving dollar payment‎ for repatriation to New York same day”, the Senator said

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