Nigeria: Senate probes money laundering allegation against Minister, MTN
28 Sep 2016

The Senate on Tuesday 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 followed a motion by Dino Melaye (APC-Kogi West) who said MTN connived with “some influential and unpatriotic Nigerians” to illegally repatriate the money of Nigeria between 2006 and 2016, in violation of the Foreign Exchange (Monitoring and Miscellaneous) Act.

Mr. Melaye named Mr. Enelamah as one of the influential Nigerians who worked with MTN to transfer the huge amount out of Nigeria.

He said the accused figures “floated and incorporated offshore SPVs (special purpose vehicles) in Cayman Island, Mauritius and British Virgin Island”.

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