The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah has denied involvement in the MTN transfer of $13.92 billion out of Nigeria.
The Senate investigation into the illicit transfer of the fund named Enelamah saying MTN had used him and others to move the money out of Nigeria between 2006 and 2016.
The resolution followed a motion by Senator Dino Melaye of the APC representing Kogi West 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.
Melaye named Enelamah as one of the influential Nigerians who worked with MTN to transfer the huge amount out of Nigeria.
Aside from MTN and Nigeria’s Trade minister, four banks were mentions in the alleged fraudulent operation.
He said the accused figures “floated and incorporated offshore SPVs (special purpose vehicles) in Cayman Island, Mauritius and British Virgin Island”.
Melaye said the Central Bank of Nigeria was not also notified of the capital flight within 48 hours required by regulations.
He said in breach of Nigerian laws, Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond respectively issued $4.87 billion, $5.72 billion, $2.98 billion and $0.35 billion to MTN for repatriation “illegally”.
The Senate mandated its committee on Banking, Insurance and other Financial Institutions to “carry out a holistic Investigation into the matter and report back”.
MTN has since denied the allegations.
The minister’s office issued a statement on Thursday saying the accusations were “without merit and baseless”. “At no time was Dr. Enelamah in a position to transfer funds out of Nigeria on behalf of MTN Nigeria, and at no time did Dr. Enelamah transfer any funds out of Nigeria on behalf of MTN Nigeria,” the statement added.
MTN’s relation with Nigeria ran into trouble waters earlier in the year when it was fined for not de-registering some sim cards. The dust over the payment of the fine has not settled and now this. This allegation will further heightens tension between the firm and Nigeria.
