RE: Investigation For Money Laundering Allegation Against Minister Okechukwu Enelamah and Telecommunications Service Provider, MTN

okechukwu-enelamah

Civil Society Network Against Corruption (CSNAC) is a coalition of over hundred and fifty Anti-corruption organizations whose primary aim is to constructively combat corruption vigorously and to ensure the effective monitoring of the various Anti-graft agencies in the fight against corruption and contribute towards the enthronement of transparency, accountability, probity and total commitment in the fight to eradicate corruption in Nigeria.

In its report of the 27th of September, 2016 the Premium Times, an online newspaper, reported a motion moved on the floorof the upper Chamber of the National Assembly, the Senate, towards probing money laundering allegations against Minister, MTN. The Senate resolved to investigate allegations of $13.92 billion illicit financial flow involving telecommunications company, MTN, four banks and the Minister for Trade and Investment, Okechukwu Enelamah .The resolution evolved after Dino Melaye’s motion, alleging MTN of connivance with “some influential and unpatriotic Nigerians” to illegally repatriate the money out of Nigeria between 2006 and 2016, in violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.”

It was also reported that Mr. Melaye named Mr. Enelamah as one of the influential Nigerians who worked with MTN to transfer the huge amount out of Nigeria. He stated that the accused “floated and incorporated offshore SPVs (special purpose vehicles) in Cayman Island, Mauritius and British Virgin Island” and the  Central Bank of Nigeria was also not notified of the capital flight within 48 hours as required by regulations. He further stated that in breach of Nigerian laws, Stanbic IBTC, Standard Chartered Bank, Citi Bank and Diamond issued $4.87 billion, $5.72 billion, $2.98 billion and $0.35 billion to MTN for repatriation “illegally and this is not healthy for a country that is struggling respectively to come out of its economic meltdown,”. Thus, this scenario facilitated the Senate mandating its committee on Banking, Insurance and other Financial Institutions to “carry out a holistic Investigation into the matter and report back”. The Senate President, Bukola Saraki, described the allegations as “weighty”, but no  specific time frame for the committee headed by Rafiu Ibrahim to submit a report.

On a similar note, CSNAC had earlier forwarded petition against  MTN to your office (titled INVESTIGATION INTO THE ACTIVITIES OF MTN NIGERIA ON ALLEGED ECONOMIC FRAUD & NON REMITTANCE OF ACCURATE TAXES dated 10th November, 2015), we hereby use this petition to serve as a reminder and call to action on this issue and others raised in the previous petition.

CSNAC is therefore by this petition demanding that a full scale investigation be launched into the activities of MTN in view of this weighty money laundering allegations, as well as the prosecution of banks and individual found to have participated directly or indirectly in this alleged crimes. This will go a long way in serving as deterrent and also send a strong message to would be economic fraudsters operating within the system that Nigeria is no longer a haven for such criminal economic activities and that our economy will no longer be left at the mercy of economic saboteurs.

 

(10 Posts)