Saraki Urges Thorough Investigation into MTN’s Alleged $13.9Bn Repatriation

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(Last Updated On: 2016-10-21)

Senate President, Dr Abubakar Bukola Saraki yesterday called for thorough investigations into the $13.9bn allegedly repatriated by MTN Nigeria.

Saraki made the call at the opening of the legislative hearing on the alleged repatriation of the funds by MTN, nation’s giant telecoms provider, in connivance with some Nigerian banks and individuals.

According to him, the 8th senate has devoted a lot of attention on legislations that will improve the business environment.

He said the hearing goes to show this commitment.

Saraki who was represented by the majority Whip of the Senate, Mr. Olusola Adeyeye, said, ‘we expect maximum cooperation from the regulatory authorities; failure to do so will mean culpability. We intend to get to the bottom of this and get the facts and nothing but the fact. At the end of this, based on the calibre of people that are here, Nigerian will get to know the truth about what transpired.”

The investigative hearing is being conducted by the Senate Committee on Banking, Insurance and Other Financial Institutions.

He said the amount involved was mind boggling.

He said, “The amount of money involved in the alleged repatriation by MTN could pull Nigeria out of recession.

“We are duty bound to make sure that such breach of constitutional processes are investigated; be assured that this is not witch-hunt but a fact finding exercise.

The Chairman of the Committee, Sen. Rafiu Ibrahim, said that the investigation was not a witch-hunt but an avenue to block loopholes and revenue leakages.

He noted that some of those people who are involved in the allegations and failed honour the invitation of the senate would be handled appropriately.

Also, Senator Dino Melaye, who blew the whistle on the matter alleged that not only MTN was involved in the crime of repatriating funds but, a number of multinational companies were also engaging in it.

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He  was optimistic that the investigations would expose those companies which had been engaging in the repatriation.

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