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23 Sep 2016

Buhari’s Minister, 4 Banks Aided MTN Nigeria To Move $12bn Out – Senator

By Olusegun Lawrence

Telecommunication giant, MTN Nigeria is in the news for the wrong reason again.

Nigeria’s Senate will next week Tuesday open debate on alleged repatriation of $12 billion by MTN Nigeria in the last 10 years.

Recently, the South Africa-owned company was fined by Nigeria’s telecommunication regulator, NCC over its failure to register about 5.2 million subscribers in 2015.

The huge capital flight was said to have been made possible in connivance with four commercial banks and a serving minister.

Blowing the whistle at plenary on Thursday, Senator Dino Melaye, promised to substantiate his allegation that MTN illegally moved $12 billion out of Nigeria between 2006 and 2016, next week.

‎”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 the 6th of February, 2001 to purchase their license of operations in this country.

“Between 2006 and 2016, through four Nigerian banks and a serving minister of the Federal Republic of Nigeria, MTN moved over $12 billion out of Nigeria.

“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 the next legislative day with substantiated facts to buttress this position.”

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