$13.9bn illegal repatriation: Senate summons MTN, banks
The Senate on Thursday summoned the management of MTN Nigeria, the nation’s leading telecoms service provider, its bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act for allegedly repatriated a sum of $13.9 billion from Nigeria to other countries between 2006 and 2016.
During its plenary on Thursday, the Upper Chamber requested MTN and the others to appear before its Committee on Banking, Insurance and Other Financial Institutions next week.
It will be recalled that the lawmaker representing Kogi West, Senator Dino Melaye had revealed that “between 2006 and 2016, the MTN Nigeria, in collaboration with 4 commercial banks and with the help of a serving Minister, has moved over $12bn out of this country”.
Melaye later claimed that the alleged illegal repatriation was allegedly facilitated by the Minister of Trade and Investment, Dr. Okechukwu Elenemah, naming banks allegedly involved as: Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond Bank.
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