Mba, was arrested for allegedly failing to remit N15 billion of the commission’s funds to the Treasury Single Account (TSA) with the Central Bank of Nigeria (CBN).
Mba’s release was as a result of the pressure mounted by his friends and colleagues in the industry who felt he was unjustifiably being detained.
Mba was arrested by EFCC operatives on Monday, January 11 for allegedly concealing N15 billion that the commission was meant to transfer to the TSA.
Advertisement
The arrest followed a petition against Mba and his management team, alleging that they concealed the sum from the federal government despite President Muhammadu Buhari’s directive that all government funds must be transferred to the account with the CBN.
Investigations revealed that the N15 billion was part of the N34 billion realised from the sale of the 700MHz spectrum band to MTN Nigeria Limited.
The money, it was learnt, was used by the NBC to secure bank guarantees for contracts related to the manufacture of set-up boxes for the digital switchover.
The bank guaranty and contracts predated the enforcement of the TSA by the Buhari administration.