Buhari’s Minister, Elenemah, 4 Banks Helped MTN Ship Out $13.9Bn – Senate
Dr. Okechukwu Elenemah – Minister of Trade and Investment [/caption]
The Senate has fingered President Muhammadu Buhari’s minister, Dr. Okechukwu Elenemah, and four banks: Stanbic IBTC, Standard Chartered, Diamond and Citi Bank, as conduits to telecoms company, MTN, in shipping out $13.9billion over a ten year period.
Senator Dino Melaye had on Thursday alleged that a minister in Buhari’s regime and some banks had facilitated the movement of huge cash from Nigeria for the South African company, MTN.
He said: “Mr. President, I seek the indulgence of this house to move that after this short presentation, this matter be allowed to be taken on the next legislative day. My respected colleagues, MTN Nigeria paid a sum of $284.9 million on February 6, 2001 to purchase their licence of operations in this country.
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“I want to say with facts which by the grace of God, I will make available on the next legislative day, if this motion is allowed, to all senators to see evidence that between 2006 and 2016 through four Nigerian banks and indeed a serving minister of the Federal Republic of Nigeria and some other fraudulent Nigerians. MTN has moved over $12 billion out of Nigeria and that is about half of our external reserves.
“If I get the nod of the Senate, I will want to bring a substantive motion on Tuesday, the next legislative day, with substantiated facts to buttress this position.”
Speaking on Tuesday at plenary, Melaye said Elenemah helped through multiple fronts to illegally repatriate the alleged sum to South Africa through the various banks.
Following the disclosure, the upper chamber directed its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illegal repatriation of $13.9 billion by MTN through its bankers between 2006 and 2016 to its home country, South Africa.
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A few months ago, the Minister of Justice, Abubakar Malami, and his communication counterpart, Adebayo Shittu, were summoned over the disproportionate slashing of the fine imposed on MTN by National Communications Commission, NCC, over infractions from N1.04 trillion to N330 billion.
In October 2015, in line with the Nigerian Communications Commission Registration of Telephone Subscribers) Regulation, 2011, the Nigerian Communications Commission imposed a fine of N1.04 trillion on MTN Communications Nigeria Limited for failing to deactivate 5.2 million unregistered subscribers on its network.
