September 30, 2016
Industry, Trade and Investment Minister Okechukwu Enelamah has dismissed as untrue allegation made in the Senate that he was involved in the transfer of funds from Nigeria by telecom giant MTN.

He said he has never been in a position to transact any such business for the company.

Reacting to the allegation, the Director of Press in the Federal Ministry of Industry, Trade and Investment, Mr. Greyne Anosike said while the minister welcomes whatever investigation the Senate deems proper on the activities of companies operating in the country, it should note that:

“Dr. 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.

“A fund managed by ACA, alongside other minority shareholders, invested in MTN Nigeria through Celtelecom. Dr. Enelamah was never the “owner” of Celtelecom as alleged by the Senator; neither was he ever a Celtelecom shareholder. Instead he was a director of the company, representing the ACA managed fund.

“Investors do not have responsibility for remittance of proceeds from the company they are invested in. Therefore, at no time was Dr. Enelamah in a position to transfer funds out of Nigeria on behalf of MTN Nigeria. As it relates to Celtelecom’s investment in MTN Nigeria, it is important to note that the entire process for applying for and using CCIs was done by MTN Nigeria.

“Dr Enelamah resigned all his board positions, including from ACA and Celtelecom, consequent to his appointment as a Minister of the Federal Republic of Nigeria.”

Anosike branded the Senate allegation as without merit and baseless.

The Senate resolved on Tuesday to probe the allegation made by Senator Dino Melaye that MTN moved $13.9billion out of the country between 2006 and now in violation of banking rules and regulations.

He claimed that the telecom provider used the minister in repatriating the amount to floated and incorporated offshore Special Purpose Vehicles (SPVs) in the Cayman Island, Mauritius and British Virgin Island.

Some of the SPVs he mentioned and their promoters/shareholders were Cel Telephone Investment Limited, Port Louis, Mauritius; Dr. Pascal Dozie and Dr. Okechuckwu Elenemah; $20,749,532; Celtel funded shares SPV (which was renamed NISPV Limited in 2008), Port Louis, Mauritius; Dr. Pascal Dozie, Ahmed Dasuki, Gbenga Oyebode, Babatunde Folawiyo and Dr. Okechukwu Elenemah, $2,019,232.

The Senate mandated its Committee on Banking, Insurance and Other Financial Institutions to investigate the matter and report back to it within two weeks.

http://thenationonlineng.net/minister-to-senate-i-know-nothing-about-mtn-funds-transfer/

A reading from APC Chapter1 Verse1: Once u re in APC, old things re passed away, and all things have become new... Once u decamp to APC, u re nw born-again... My fellow brothers and sisters in PDP, decamp and be set free

These allegation should be properly investigated. False or not. All culpable in this dealing should be brought to book

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Until we as the masses lynch our leaders we would keep hoping for a better nigeria forever..