Senate summons MTN, Stanbic IBTC, StanChart, Citi and Diamond Bank over $13.9bn transfer

0
747

The Senate has summoned the management of MTN Limited, their bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.
They are to appear before the Senate Committee on Banking, Insurance and Other Financial Institutions next week.

The Senate has launched a probe into the allegation that MTN Nigeria repatriated a total sum of $13.9bn from Nigeria to other countries between 2006 and 2016 by summoning the management of the telecoms service provider, their bankers and some businessmen over alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

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.

Recall 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 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here