•Elenamah couldn’t have done that –Aide
From Fred Itua and Walter Ukaegbu, Abuja
The Senate has accused the Minister of Industries, Trade and Investment, Okechukwu Elenemah, over his involvement in the alleged illegal and fraudulent movement of $13.92 billion out of the country.
Adopting a motion sponsored by Senator Dino Melaye, the Red Chamber directed its Committee on Banking, Insurance and other Financial Institutions investigate and report back within two weeks.
In the motion, ”Unscruplous violation of the foreign exchange (Monitoring and Miscellaneous) Act,” Senator Melaye drew the attention of the Senate to “the illegal repatriation of $13.92 billion out of Nigeria by MTN through its bankers between 2006 and 2016.”
Melaye alleged that the minister and other individuals who used MTN in transferring the money floated and incorporated offshore SPVs (Special Purpose Vehicles) in Cayman Island, Mauritius and British Virgin Island.
He said when “MTN was incorporated in Nigeria as a private limited liability company on November 8, 2000 and obtained its operating licence with $284,906,275.89 on February 6, 200, it did not request for certificate of capital importation from its bankers (Standard Chartered Bank) within the regulatory period of 24 hours of the inflow.”
Melaye also drew the attention of the Senate to the fact that the Central Bank of Nigeria (CBN) was not notified of this inflow by Standard Chartered Bank within 48 hours of receipt and conversion of the proceeds to naira as required by regulations.
He said: “We are alarmed that the Minister of Industry, Trade and Investment, Dr Okechukwu Elenemah, owner of CELTELCOM Investment Limited with address at 608 St James, Denis Street, Port Lewis, Mauritius, purpotedly claimed to invest in MTN on February 7, 2008, got certificate of capital importation and filled Form A on the same date, (February 7, 2008) closed his investment in Nigeria after receiving dollars payment for repatriation to New York same day.
“These offshore entities were offered shareholders loan and their repayment to the extent of repatriation of proceeds of dividends back to MTN International South Africa through the entities and operators of Special Purpose Vehicles (SPVs) brought on board as directors of MTN communications.
“The Senate observes that after five years of operation in Nigeria, the management of MTN Nigeria Limited suddenly realised that they needed certificate of capital importation to enable them commence repatriation of funds realized from the their businesses
“The Senate observes also that MTN directed their bankers i.e Standard Chartered Bank, Citi Bank and Diamond Bank to issue certificate of capital importation for inflows that came in five to seven years ago which their bankers obliged to without the relevant approval from CBN.”
In his remarks, Senate President Bukola Saraki, said “this motion is based on facts and figures and there is no doubt that this is a weighty issue, so it must be properly investigated.”
Responding to the Senate allegation, the Director of Press, Mr Greyne Anosike, said the minister was not in town. However, he pointed out that three months ago, the South African President, Mr. Jacob Zuma, came with a large team of investors to explore investment opportunity in Nigeria. He used the opportunity to discuss about the MTN fine.
“If the Senate was right in what it said he must have done what he did was in the interest of the country as South Africa is a sister nation and we do everything we do to keep brotherly relationship. He is not the minister of finance or chief executive of the Nigerian Communication Commission (NCC). He could not have done what the senator has said, but must have done something from a superior directive.
“He had told the team from South Africa that the MTN fine was being handled by the Presidency, assuring them that it would be amicably resolved,” he said.