The Senate has engaged the services of international financial expert for investigations of the alleged illegal repatriation of $13.9 Billion by MTN Nigeria. This was disclosed while briefing journalists on Wednesdayat National Assembly by chairman of Senate Committee on Banking, Insurance and Other Financial Institutions Abdurafiu Ibrahim.
The said the committee has written and invited MTN and its promoters and stakeholders to appear before it on Thursday 20th October 2016. “The allegation is a weighty one that involved the repatriation of $13.9 Billion illegally out of Nigeria by MTN through it bankers between 2006 and 2016. So the Senate view it as a very serious assignment and has engaged the service of international experts and they are now on ground” Ibrahim said.
Ibrahim added that the committee has also written to Central Bank of Nigeria and the Financial Reporting Council of Nigeria for information on the matter. “This is because the activities of MTN and its bankers are in clear violation of section 15 of the Foreign Exchange (Monitoring and Miscellaneous) Act 1995.Memorandum 20 and 22 relating to the purchase and sale of securities and Direct Foreign Capital Investment in Nigeria respectively” Ibrahim said.
The Senator further stated that MTN Nigeria has submitted documents to the committee and has promise to attend their hearing. Others stakeholders that has submitted documents and promise to attend the hearing include Diamond Bank, Standard Chartered Bank, Citi Bank Nigeria Ltd and Stanbic IBTC Bank.
Ibrahim said Sani Bello, Dr. Pascal Dozie did not submit any document but requested for a date to meet with the committee. He said the minister of trade and investment Dr. Okechukwu Elenemah did not submit any document but sent a letter to the committee trying to deny involvement with MTN.
In his reaction Senator Dino Melaye who raises the alarm said preliminary reports from the international experts shows that the fraud could be more than $13.9 Billion that he initially alleged