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» » SENATE ENGAGES SERVICES OF FORENSIC EXPERTS TO UNRAVEL MTN'S $13.9BN MONEY LAUNDRY
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Senate on Wednesday disclossed that the services of foreign and local forensic experts have been engaged in order to unravel alleged $13.9 billion Money Laundry by Mobile Telecommunication Network (MTN)

Red Chamber had summoned the management of MTN Limited, Central Bank of Nigeria (CBN) and Financial Reporting Council of Nigeria (FRCN) ,The Committee also summoned Citibank, Diamond Bank, Citibank, and Stanbic IBTC‎ bank over their participation in the alleged Capital flight of $13.9 billion.

‎Also, the Minister of Trade and investment, Okechukwu Elenemah‎ ‎Ahmed Dasuki, Babatunde Folawiyo, Victor Odili‎, Dr. Pascal Dozie an‎d ‎Colonel Bello Sani are expected to appear before the Senate’s Committee on Banking, Insurance and Other Financial Institutions Thursday.

‎They are expected to explain alleged violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

However, addressing journalists, ‎chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Adebayo said the committee has already engaged the services of Foreign and local forensic experts to unravel alleged $13.9 billion capital flight by MTN in collaboration with Stanbic IBTC, chartered Bank, Citi Bank and Diamond bank.

He said the committee has written MTN and it's promoters and stakeholders to appear before the Senate committee

Adebayo said, the allegation is weigthy one that involves the repatriation of $13.9 billion illegally out of Nigeria by MTN through his bankers between 2006-2016.

Adebayo added some organisations have already submitted their submission ‎to committee's secretariat.

Also, speaking during the briefing, Senator Dino Melaye said the preliminary investigation revealed that the money is higher than $13.9 billion.

It would be recalled that Senate last week mandated its Committee to unravel alleged $13.9 billion moved from Nigerian economy by Mobile Telecommunication Nigeria (MTN) in collaboration with some fraudulent Nigerians, including a serving Minister, facilitated by four commercial banks in the country.

This move was sequel to a point of order raised by Senator Dino Melaye who came through order 42, in seeking a motion to unravel the fraud to the Senate.

“Mr. President, I seek the indulgence of this house to move that after this short presentation this matter be allowed to be taken on the next legislative day. My respected colleagues MTN Nigeria paid a sum of $284.9 million on February 6, 2001, to purchase their licence of operations in this country.

“I want to say with facts which by the grace of God I will make available on the next legislative day if this motion is allowed, to all senators to see evidence that between 2006 and 2016 through four Nigerian banks and indeed a serving minister of the federal republic of Nigeria and some other fraudulent Nigerians. MTN have moved over $12 billion out of Nigeria and that is about half of our external reserves.

“If I get the nod of the Senate, I will want to bring a substantive motion on Tuesday the next legislative day with substantiated facts to buttress this position”, he said.

The Senate accordingly granted his request by slating next Tuesday for hearing and substantive debate on the motion.

“Distinguished colleagues, according to our rules Order 42, Senator Dino Melaye raised this issue and he needs to get the leave of the Senate to bring it down to the next legislative day which he has now done,” said the Senate President, Bukola Saraki.

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