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Crossfire as Minister Denies Involvement In MTN’s Money Transfers Allegation

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Barley three days after Senator Dino Melaye stood on the floor of the Nigerian Senate to open up issues on an alleged illicit tranfar deal involving a serving minister, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, MTN Nigeria and other firms, the Minister yesterday distanced himself from the allegation by the Senate that he was involved in the fraudulent repatriation of $13.92 billion in collusion with MTN Nigeria Limited, without authorisation.
In a statement last night, the minister who said he welcomed any investigation the Senate might decide to carry out on the matter, said all the allegations made by the upper legislative chamber were without merit and baseless.
The Senate on Tuesday opened the probe into the alleged fraudulent repatriation of $13.92 billion from Nigeria by the minister.
According to the Senator Melaye, MTN, in collaboration with the minister, exploited the porous Nigerian financial system by illegally moving the money out of the country. It had also said MTN smartly beat the Nigeria’s financial regulatory laws by failing to obtain a certificate of capital importation, which would have authorised it to move capital into Nigeria from its South African bankers (tbimauritius), Standard Chartered Bank, as authorised by the law within 24 hours.
The Senate further alleged that MTN was incorporated in Nigeria in 2000 as a private liability company and eventually obtained its operating licence with the sum of $284,906,275.89 on February 6, 2001 but failed to bring capital into Nigeria as required, adding that when it eventually moved in $117.6 billion between 2001 and 2003, it did so in three tranches.
But the statement by the Director Press, Federal Ministry Investment, Trade and Industry, Mr. Greyne Anosike explained: “Our attention has been drawn to a statement credited to a serving Nigerian Senator on the floor of the Senate on Tuesday September 27, 2016, making a number of allegations against the egarding improper remittance of funds out of Nigeria. We are compelled to make clear the following:
“Enelamah served as the CEO of Capital Alliance Nigeria Limited (CANL) between 1998 and 2015. CANL is a wholly owned subsidiary of African Capital Alliance (ACA), an Africa focused private equity firm with investments in carefully selected companies within and outside Nigeria, including MTN Nigeria.


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