ABUJA – Senate of the Federal Republic has engaged the services of foreign and local forensic experts  to help unravel mystery behind alleged $13.9 billion Money Laundry by Mobile Telecommunication Network (MTN)

    This is even s the red Chamber has summoned the management of MTN Limited, Central Bank of Nigeria (CBN)  and Financial Reporting Council of Nigeria (FRCN),  Citibank, Diamond Bank and Stanbic IBTC‎ bank over their participation in the alleged Capital flight.

    Also, invited to face the Senate panel are the Minister of Trade and investment, Okechukwu Elenemah‎ ‎Ahmed Dasuki, Babatunde Folawiyo, Victor Odili‎, Dr. Pascal Dozie and Col. Bello Sani.

    They are expected to appear before the Senate’s Committee on Banking, Insurance and Other Financial Institutions, to explain their respective roles in the alleged violation of Nigeria’s Foreign Exchange (Monitoring and Miscellaneous) Act.

    Addressing journalists yesterday, ‎chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Sen. Rafiu Adebayo explained that 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 also disclosed that the committee has written MTN and it’s promoters and stakeholders to appear before the Senate committee

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

    He further explained that some organisations have already submitted their submission ‎to committee’s secretariat.

Also, speaking during the briefing, Sen. Dino Melaye noted that preliminary investigations have revealed that the sum involved 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” by Sen. Dino Melaye who came through Order 42 of the Senate Rules and moved that the alleged financial fraud be probed.

“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.