Senate names Elenemah, Stanbic IBTC, Diamond Bank, 2 other banks in MTN’s $13.9b capital outflow

The Senate on Tuesday directed its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illegal repatriation of $13.9 billion by MTN through its bankers between 2006 and 2016 to its home country, South Africa.
The upper house also named‎ a Minister in the cabinet of President Muhammad Buhari and four banks alleged to have aided the alleged illegal repatriation of the money.
‎The named minister is the Minister of Trade and Investment, Dr. Okechukwu Elenemah while the mentioned banks ‎are Stanbic IBTC, Diamond Bank, Standard Chartered Bank and Citi Bank.
According to the Chairman of Senate Committee on Federal Capital Territory, Senator Dino Melaye, who raised the motion, the deal was allegedly facilitated by Elenemah.
The four banks, he added, allegedly aided the capital flight by MTN.