Published On: Tue, Sep 27th, 2016

Senate Investigates MTN’s Alleged Money Laundering Of $13.9 Billion … Buhari’s Minister, MTN, Four Banks Indicted

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By Nuel Suji – The Nigerian Senate on Tuesday started investigation into allegation of money laundering worth $13.9 billion involving Minister of Trade and Investment, Okechukwu Enelamah, and Mobile Telecommunication Limited (MTN) in collaboration with four banks in the deal.

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The resolution followed a motion by Dino Melaye (APC-Kogi West) who said MTN connived with “some influential and unpatriotic Nigerians” to illegally repatriate the money of Nigeria between 2006 and 2016, in violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

Mr. Melaye mentioned  Enelamah as one of the influential Nigerians who worked with MTN to transfer the huge amount out of Nigeria.

He 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 percent 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.”
Afterwards, Melaye‎ urged the senate to mandate its committee on banking, insurance and other financial institutions to carry out holistic investigation into the matter.
After listening to motion and seconded by Senator Bassey Akpan, Senate President, Bukola Saraki directed its committee on banking, insurance and other financial institutions to probe alleged money laundry raised by Senator Melaye

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