Telecommunications
giant, MTN has admitted contravening laws regulating the transfer of
huge funds out of the country without obtaining a Certificate Of Capital
Importation (CCI) before the Senate according to its chief security
adviser, Fedi Moolman.
The Senate committee on Banks, Insurance
and Other Financial Institutions, on Thursday, October 20, 2016
commenced investigation into the alleged transfer of $13.92 billion out
of Nigeria by telecommunication giant MTN and some Nigerian banks
between 2006 and 2016.
The Senate had on September 27, 2016,
alleged that MTN in connivance with the Minister of Trade and
Investment, Okechukwu Enelamah, and four commercial banks; Standard
Chartered Bank, Stanbic IBTC, Diamond Bank and Citi Bank, exploited the
porous Nigerian financial system to move the money out of the country
without the required authorisation.
The committee invited the management of the MTN and other stakeholders for questioning during the meeting.
While Moolman admitted that the company
moved funds without complying with the 24-hour order for the issuance of
CCI, saying it was practically impossible to do so, Enelamah defied the
committee’s directive not to leave before testifying as he instead
walked out of the meeting venue before its commencement.
Moolman however stated that the action
to move the funds was taken without any deliberate intention to flout
Nigerian laws but was rather compelled to do so because of
circumstances, which he said made it impossible for it to observe the
24-hour provision in the act for issuance of CCI.
The CEO further told the committee that
MTN faced acute challenges when it got to Nigeria in 2000 as it found
out that necessary facilities for business transactions were not
available, a situation he said compelled it to import equipment to
Nigeria.
Enelamah had earlier denied having any link with the transfer saying the allegations were “without merit and baseless”.
(NAN)
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