$13.92bn capital flight: Melaye indicts Stanbic IBTC, Diamond Bank, Standard Chartered, Citi Bank, others

The Minister of Industry, Trade and Investment, Dr Okechukwu Elenemah, Standard Chartered Bank, Stanbic IBTC as well as Citi Bank and Diamond Bank have been said to have aided MTN to loot $13.92 billion.

According to the lawmaker, MTN used the minister, Elenemah, and four commercial banks to move $13.92 billion out of Nigeria which is 50 per cent of Nigeria External Reserves without compliance with subsection (1) of certificate of capital importation.

Senator Dino Melaye ( Kogi West) and the Chairman Committee on FCT who disclosed this while reading his motion on “unscrupulous Violation of the Foreign Exchange ( Monitoring and Miscellaneous) Act”, said the allegations cannot be waved aside.

The Senate resolved to investigate what it called “unscrupulous violation of the Foreign Exchange (Monitoring and Miscellaneous) Act” by a serving minister, of Trade and Investment, MTN Nigeria, four banks and six other persons.

MTN is particularly accused of illegally repatriating $13.92 billion out of Nigeria through Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank between 2006 and 2016 using Enelamah and other persons as proxies.

The Senate noted with serious concern the alleged illegal repatriation of $13.92 billion out of the country by MTN through its bankers.

Lawmakers recalled that MTN was incorporated in Nigeria as a private limited liability company on November 8, 2000, obtaining its operating license with $284.9million on February 6, 2001.

It was observed that MTN did not request for certificate of capital importation from its bankers – Standard Chartered Bank – within the regulatory period of 24 hours of the inflow even as it was discovered that the Central Bank of Nigeria (CBN) was not also notified of the inflow by Standard Chartered Bank within 48 hours of receipt and conversion of the proceeds to Naira as required by extant regulations.

Senate was pained that the Nigerians including the serving minister, who MTN used in moving $13.92 billion out of Nigeria, which is over 50% of the country’s External Reserves, floated and incorporated offshore Special Purpose Vehicles (SPVs) in Cayman Island, Mauritius and British Virgin Island.

Accused along with Enelamah are Dr. Pascal Dozie, Ahmed Dasuki, Gbenga Oyebode, Babatyunde Folawiyo, Mohammed Sani Bello, and Victor Odili, who were said owned different offshore entities.

The Senate was also alarmed that the Minister of Industry, Trade and Investment, who is said to be the owner of Celtelcom Investment Limited with the address: No. 608 St. James, Denis Street Port-Lewis in 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 dollars payment for repatriation to New York same day.

The Senate has consequently mandated its Committee on Banking, Insurance, and other Financial Institutions to carry out a holistic investigation into the matter and report back.