The Senate Committee on Banking, Insurance and Other Financial Institutions is to open its probe into the money laundering allegation
to the tune of $13.9bn against the Minister of Trade and Investment Dr. Okechukwu Enelama and the telecommunications giant, MTN on Cotober 20.
A notice to that effect was served in the senate on Thursday.
The investigation was consequent upon the adoption of a motion by Senator Dino Melaye, which alleged that the Minister and MTN were
involved in illegal transfer of about $13.9 billion out of Nigeria.
Senator Melaye had alleged that MTN had beat Nigeria’s financial regulations and moved the funds out of the country.
He also alleged that the transactions were done through through four banks, including Standard Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank.
The Committee said on Thursday it had summoned MTN, Enelamah and others including Col. Sani Bello, Chairman of Diamond Bank, Dr. Pascal Dozie and Ahmed Dasuki.
Others expected at the hearing nclude Gbenga Oyebode, Babatunde Folawiyo and Victor Odili.
The Senate was told on September 27, during the debate on the motion that the banks and Enelamah had helped MTN repatriate different sums without following laid down regulations.
A breakdown of the alleged transfers include Stanbic IBTC – $4.87 billion; Standard Chartered Bank – $5.72 billion; Citi Bank – $2.98
billion and Diamond Bank – $0.35 billion.
Senator Melaye stated that the repatriation was done in violation of Memorandum 22 of the Foreign Exchange (Monitoring & Miscellaneous) Act, 1995.
and then