TELECOMS giant MTN Nigeria has been accused of engaging in large scale
\nmoney laundering which has helped in not only depleting Nigeria’s Foreign
\nExchange (Forex) reserves but also has negatively affected the country’s
\neconomy over the last five years, National Daily can authoritatively
\nreveal.<\/p>\n
Presidency sources who did not want to be mentioned disclosed to this
\nnewspaper that an anonymous petition sent to President Goodluck Jonathan
\nby someone who claims to be in the know of the transactions, had triggered
\nwhat they described as a special investigation into humongous economic
\nsabotage activities embarked upon by the actors. Accordingly, the telecoms
\ncompany has allegedly since February 7, 2008 engaged in practices that
\nclearly constitute economic sabotage against the Federal Republic of
\nNigeria. Our sources highlighted that all the transactions were done in
\ncollusion with top officials of the Central Bank of Nigeria and that
\npetitions sent to the Central Bank Governor over this fraudulent transfer
\nof funds from Nigeria to safe havens abroad were ignored by the Governor
\nbecause he has interest to protect.<\/p>\n
In the said petition a copy of which National Daily obtained with
\nsupporting documents that exposed the monumental act of money laundering,
\nit was noted that MTN Nigeria in concert with Standard Chartered Bank and
\nStanbic IBTC Bank illegally remitted the sum of USD 936,017,265.89 to the
\nCayman Island, British Virgin Island and Mauritius. He also explained how
\nMTN fraudulently used 20 copies of forged Certificates of Capital
\nImportation allegedly used by a foreign investors who brought in foreign
\ncapital investment on February 7,2008 through Standard Chartered Bank and
\non February 8,2008 the said Capital had yielded proceeds that were
\nrepatriated to the tune of USD936,017,265.89.<\/p>\n
The petitioner carefully itemized all the transactions starting with the
\none made on behalf of N-Cell Limited with office address at Geneva Water
\nFront Drive, British Virgin Islands. This company had the sum of
\n$31,057,339.23 remitted on their behalf to Barclays Private Bank, Hans
\nCrescent, London (account number withheld). The second remittance was made
\non behalf of SASPV limited located at Port Louis, Mauritius \u00a0(account
\nnumber withheld), domiciled at the same Barclays Private Bank London. The
\nnext transfer was the sum of $590,574,488.17 made on behalf Of MTN
\nInternational Mauritius Limited with office address at Suite 525 Barley
\nWharf, Port Louis Mauritius. Our sources equally provided evidence with
\naccount numbers, names of banks and transaction details of other similar
\nnumerous transactions made on behalf of MTN Nigeria by Stanbic IBTC and
\nStandard Chartered Bank.<\/p>\n
The highlighted that these transactions were funds generated in Nigeria
\nfrom MTN operations in Nigeria and the sum of $314,420,108.60 being
\nproceeds generated from Nigeria through private placements of MTN shares.<\/p>\n
On the role played by both Standard Chartered Bank and Stanbic IBTC in all
\nthese, our sources noted that it is disturbing that Stanbic IBTC which
\nfacilitated all these illegal transfers had between October, 1, 2007 and
\nMay 31, 2009 carried out similar questionable capital repatriation through
\nits invincible transactions for the sum of $7,705,890,581.13 out of
\nNigeria. This fraudulent transaction was made known to both Central Bank
\nand Nigeria Deposit Insurance Corporation (NDIC) examiners when they
\nvisited Stanbic IBTC in 2009 and 2010 but they did nothing about this huge
\ninfringement.<\/p>\n
Standard Chartered Bank according to the petition that is said to be
\ngiving President Jonathan sleepless nights had in its MTR202 for the
\nperiod ended May 2009, understated the balance in its Capital Importation
\nInflows for which Certificate were used to the tune of $314,420,108.60
\nrepresenting acquisition of MTNs link units by Nigerians for which the
\nBank issued CCIs. The said inflows were classified as over the counter
\ntransactions by IBTC.<\/p>\n
The investors and beneficiaries of the CCIs were all nonresident in
\nNigeria and resides in the following countries, Mauritius, British Virgin
\nIslands, Cayman Island, thus the need for Nigeria Investment Promotion
\nCouncil registration certificates. These certificates were not provided by
\nIBTC on request. There was no evidence that the CCI’s were transferred to
\nIBTC by Standard Chartered Bank. Stanbic IBTC did not obtain any indemnity
\nfrom Standard Chattered Bank before transferring the said proceeds to
\nprivate placements. Stanbic IBTC did not indemnify CBN before embarking on
\nthe forex transfer as requested by the forex manual. Moreso, the
\nbeneficiaries of these capital repatriation proceeds communicated their
\nbank account details to Stanbic IBTC, same day their respective CCI’s were
\nissued which was on February 7, 2008.<\/p>\n
It was discovered that MTN Nigeria had transferred various sums to its
\nshareholders both individuals and organisations, who bought MTN shares
\nthrough its private offer. Investigation revealed that these sums in some
\ncases represent the actual investments into the telecom giant by these
\nindividuals and organisations numbering about 35. They include but not
\nlimited to the Oba of Lagos, HRM Oba Rilwan Akiolu (203,500 units of
\nshares for which $5m was illegally transferred to an offshore account for
\nhim), Mr. Reginald Ihejiahi of Fidelity Bank (203,500 units of shares for
\nwhich $5m was illegally transferred to an offshore account for him),
\nGovernor-elect of Anambra State Chief Willie Obiano (203,583 units of
\nshares for which $5m was illegally transferred to an offshore account for
\nhim), Mrs Olufunke Osibodu (203,500 units of shares for which $5m was
\nillegally transferred to an offshore account for her) and Cherroots
\nNigeria Ltd (2,035,830 units of shares for which $50m was illegally
\ntransferred to an offshore account for it).<\/p>\n
FUSL Nominees Ltd got $30m for its 1,221,498 units, Mr. Olusola Adeeyo got
\n$10m for his 407,000 units of shares, Tele SPV Ltd got $20.5m for its
\n834,690 units, Yoram Ltd ((407,166 units of shares for which $10m was
\nillegally transferred to an offshore account for it), Sterling asset Mgt
\nand Trust Ltd for its 407,166 units got $9,995,920.00, Mr Bismarck J.
\nRewane for his 203,583 units got $5m, Mr Adebayo Olawale Edun for his
\n610,500 shares got $15m among others.<\/p>\n
It was gathered from some the named shareholders that the said amounts
\nactually represent the value of the shares as at the time of investment
\nbut deny receiving such funds in their accounts as payment from MTN.<\/p>\n
According to some of them, they have received between 10 to 15 per cent
\ndividends from MTN in the last four to five years but denied that it
\namounted to the amount captured against their names. This is one of the
\nmany puzzles that the investigators will need to answer – how did these
\nfigures come up against the supposed beneficiaries when in actual fact
\nmost of them are not aware of such transfers. Who did these transfers
\neventually get to?<\/p>\n
“It is however believed that between MTN, Stanbic IBTC and CBN, these
\nparticulars were simply used to provide for these funds to shipped by the
\ntelecom giant out of Nigeria. If this is true, then it means that the
\nfunds invested by these individuals and organisations were immediately
\nlaundered out of Nigeria, and that without their knowledge. Therefore, MTN
\nNigeria has been using funds generated from its Nigerian operations to
\nboth run the network and pay dividends to supposed shareholders who are
\nnot even aware that their funds were never used for the company but
\nlaundered abroad,” one of our sources added.<\/p>\n
National Daily can also authoritatively reveal that the Presidency will
\nalso look into the role of Bureau de Change registered by Mallam Sanusi
\nLamido Sanusi as they were part of this scam. The petitioner expressed
\nassurance that if this issues raised are adequately investigated,
\nNigerians will be shocked as to the level of rot in the system,especially
\nhow those employed to watch over the nations resources are also
\ncolludingwith foreign interests to defraud this country by engaging in
\nacts ofeconomic sabotage.<\/p>\n
Finance Minister, Dr. Ngozi Okonjo-Iweala, has already distanced her
\nministry from the transactions as there are no corresponding records to
\ndate.<\/p>\n
Efforts to get an official reaction from the CBN, MTN and Stanbic IBTC
\nproved abortive. Calls text messages to CBN Governor Mallam Sanusi Lamido
\nSanusi, Mr. Ugo Okoroafor Director of CBN Corporate Communications, were
\nnot returned. After series of calls and text messages to MTN Senior
\nofficials, one of them responded with a call and asked that we sent a mail
\nto the relevant head of corporate communications for an official response,
\nwhich we promptly did. But as at the time of going to the press no
\nresponse was received.<\/p>\n
Presidency sources told this newspaper that a thorough investigation has
\nbeen ordered into the allegations. It therefore remains to be seen how the
\nalready embattled CBN Governor, Stanbic IBTC and MTN will exonerate
\nthemselves from this allegations of monumental fraudulent depletion of
\nNigeria’s External Reserves in the light of the available documented
\nevidences.<\/p>\n
According to the whistle blower, our sources revealed,
\nNigerians are in for a grave shock by the time this investigation is
\nconcluded and details made public.<\/p>\n
National Daily<\/p>\n","protected":false},"excerpt":{"rendered":"
TELECOMS giant MTN Nigeria has been accused of engaging in large scale money laundering which has helped in not only depleting Nigeria’s Foreign Exchange (Forex) reserves but also has negatively…<\/p>\n","protected":false},"author":1,"featured_media":22364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-22363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n