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Senate summons MTN, banks over $13.9bn illegal repatriation

According to reports, 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.

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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.

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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.

3 Comments on Senate summons MTN, banks over $13.9bn illegal repatriation

  1. Good for them

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  2. This is serious ooo

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  3. If only the senators were sincere… they are only quick to raise dust on issues that concerns money… after a while the noise dies down… bcos mtn always knows how to grease their palms. If you are serious why not forward your evidence to Efcc. While you accuse the Dss of not having the Mandate to investigate and prosecute criminal matters where does the Senate get the resources and skills to investigate same?

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