Sponsored Links

The Senator representing Kogi West Senatorial district, Dino Melaye, on Tuesday, September ‎27, raised alarm at the floor of the Senate, on how Mobile Telecommunication Network, MTN, illegally repatriated a whopping sum of $13.92 billion out of Nigeria, through its bankers, between 2006 and 2016.
According to Melaye, in a bill tagged, “Unscrupulous Violation of the Foreign Exchange (Monitoring and Miscellaneous) Act,” he noted that within the space of 10 years, MTN in collaboration with other players, had illegally moved money out of Nigeria, which has contributed immensely in the depletion of the nation’s foreign reserve.
He said, “Aware that MTN was incorporated in Nigeria as a private limited liability company, on the 8th of November 2000, obtaining its operating licence with $284,906275.89 on 5th February, 2001.
“Observed that MTN did not request for certificate of capital importation from its bankers, Standard Chartered Bank, within the regulatory period of 24 hours of the inflow.
“Observed also, that CBN was not notified of this inflow by Standard Chartered Bank within 48 hour,s of receipt and conversion of ‎the proceeds to Naira, as required by regulations.
“Further Observed, that the Sum of $117,683,987 billion was also brought in by MTN between 2001 and 2003, in three different tranches.
“Concerned that since inception, MTN, had sought the collaboration of influential and unpatriotic Nigerians, to assist them in looting our external reserves.
“Pained that these Nigerians, including a serving Minister who MTN used in moving $13.92 billion out of Nigeria, which is over 50 percent of our external reserve, floated and incorporated offshore, SPVS in Cayman Island, Mauritius and British Virgin Island as follows:

“Cel Telephone Investment LTD – Port-Louis Mauritius, Celtel funded shares SPV (was renamed NISPV LTD in 2008) – Port-Louis Mauritius, Mobile Communication Investment LTD – Port Louis Mauritius, Hermitage Overseas Corporation LTD, among several others”.
Dino, lamented that the Minister of Industry, Trade and Investment, Dr. Okechukwu Elenemah, owner of CEL TELCOM Investment Limited, with address at No. 608 St. James, Denis Street, Port-Lewis Mauritius, purportedly claimed to invest in MTN on 7th February, 2008, closed his investment in Nigeria, after receiving dollar payment for repatriation to New York, on the same day.
He noted, that ‘Offshore Entities’ were offered shareholders loan, and their repayment to the extent of repatriation of proceeds of dividends back to MTN International, South Africa, through the entities and operations of Special Purpose Vehicles, SPVs, brought on board as Directors of MTN Communications.
Dino, also observed that, “After 5 years of operation in Nigeria, the Management of MTN Nigeria, realized that they needed certificate of capital importation, to enable them commence repatriation of funds realised from their business.”
The Senate therefore, moved the issue to its Committee on Banking, Insurance, and other Financial Institution, which will carry out an holistic investigation into the issue, and report back to the Senate in 2 weeks.


Follow Us on Twitter!

Like Us on Facebook!

Do You Need a Sugar Mummy, Sugar Daddy, Girlfriend, Boyfriend Wife or Husband? If Yes, Then Click Here For Details



Download Video: Please Don’t Watch This Video If You’re Below The Age Of 20…
Download Video: Please Don’t Watch This Video If You’re Below The Age Of 20…
Video: Pastor Caught Haviing $ex With A Church Member To Solve Pregnancy Issues
Video: Pastor Caught Haviing $ex With A Church Member To Solve Pregnancy Issues
 Warning!! Guys; Watch These Videos Privately And Only If You Are Strong……The Risk Of Divorcing Your Wife Is High!!
Warning!! Guys; Watch These Videos Privately And Only If You Are Strong……The Risk Of Divorcing Your Wife Is High!!
 Private Video of Rich BusinessWoman, a Sugar Mummy Leaked by SugarBoy over Disagreement
Private Video of Rich BusinessWoman, a Sugar Mummy Leaked by SugarBoy over Disagreement
See What 4 UNIPORT Girls Are Doing Behind Closed Doors
See What 4 UNIPORT Girls Are Doing Behind Closed Doors
Video: SEE How Guys Strip This Lady Na ked Over Indecent Dressing
Video: SEE How Guys Strip This Lady Na ked Over Indecent Dressing

0 comments:

Post a Comment

 
OmoVibes © 2016. All Rights Reserved.
Top