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 affected the country’s
economy over the last five years, National Daily can authoritatively
reveal.
Presidency sources who did not want to be mentioned disclosed to this
newspaper that an anonymous petition sent to President Goodluck Jonathan
by someone who claims to be in the know of the transactions, had triggered
what they described as a special investigation into humongous economic
sabotage activities embarked upon by the actors. Accordingly, the telecoms
company has allegedly since February 7, 2008 engaged in practices that
clearly constitute economic sabotage against the Federal Republic of
Nigeria. Our sources highlighted that all the transactions were done in
collusion with top officials of the Central Bank of Nigeria and that
petitions sent to the Central Bank Governor over this fraudulent transfer
of funds from Nigeria to safe havens abroad were ignored by the Governor
because he has interest to protect.
In the said petition a copy of which National Daily obtained with
supporting documents that exposed the monumental act of money laundering,
it was noted that MTN Nigeria in concert with Standard Chartered Bank and
Stanbic IBTC Bank illegally remitted the sum of USD 936,017,265.89 to the
Cayman Island, British Virgin Island and Mauritius. He also explained how
MTN fraudulently used 20 copies of forged Certificates of Capital
Importation allegedly used by a foreign investors who brought in foreign
capital investment on February 7,2008 through Standard Chartered Bank and
on February 8,2008 the said Capital had yielded proceeds that were
repatriated to the tune of USD936,017,265.89.
The petitioner carefully itemized all the transactions starting with the
one made on behalf of N-Cell Limited with office address at Geneva Water
Front Drive, British Virgin Islands. This company had the sum of
$31,057,339.23 remitted on their behalf to Barclays Private Bank, Hans
Crescent, London (account number withheld). The second remittance was made
on behalf of SASPV limited located at Port Louis, Mauritius (account
number withheld), domiciled at the same Barclays Private Bank London. The
next transfer was the sum of $590,574,488.17 made on behalf Of MTN
International Mauritius Limited with office address at Suite 525 Barley
Wharf, Port Louis Mauritius. Our sources equally provided evidence with
account numbers, names of banks and transaction details of other similar
numerous transactions made on behalf of MTN Nigeria by Stanbic IBTC and
Standard Chartered Bank.
The highlighted that these transactions were funds generated in Nigeria
from MTN operations in Nigeria and the sum of $314,420,108.60 being
proceeds generated from Nigeria through private placements of MTN shares.
On the role played by both Standard Chartered Bank and Stanbic IBTC in all
these, our sources noted that it is disturbing that Stanbic IBTC which
facilitated all these illegal transfers had between October, 1, 2007 and
May 31, 2009 carried out similar questionable capital repatriation through
its invincible transactions for the sum of $7,705,890,581.13 out of
Nigeria. This fraudulent transaction was made known to both Central Bank
and Nigeria Deposit Insurance Corporation (NDIC) examiners when they
visited Stanbic IBTC in 2009 and 2010 but they did nothing about this huge
infringement.
Standard Chartered Bank according to the petition that is said to be
giving President Jonathan sleepless nights had in its MTR202 for the
period ended May 2009, understated the balance in its Capital Importation
Inflows for which Certificate were used to the tune of $314,420,108.60
representing acquisition of MTNs link units by Nigerians for which the
Bank issued CCIs. The said inflows were classified as over the counter
transactions by IBTC.
The investors and beneficiaries of the CCIs were all nonresident in
Nigeria and resides in the following countries, Mauritius, British Virgin
Islands, Cayman Island, thus the need for Nigeria Investment Promotion
Council registration certificates. These certificates were not provided by
IBTC on request. There was no evidence that the CCI’s were transferred to
IBTC by Standard Chartered Bank. Stanbic IBTC did not obtain any indemnity
from Standard Chattered Bank before transferring the said proceeds to
private placements. Stanbic IBTC did not indemnify CBN before embarking on
the forex transfer as requested by the forex manual. Moreso, the
beneficiaries of these capital repatriation proceeds communicated their
bank account details to Stanbic IBTC, same day their respective CCI’s were
issued which was on February 7, 2008.
It was discovered that MTN Nigeria had transferred various sums to its
shareholders both individuals and organisations, who bought MTN shares
through its private offer. Investigation revealed that these sums in some
cases represent the actual investments into the telecom giant by these
individuals and organisations numbering about 35. They include but not
limited to the Oba of Lagos, HRM Oba Rilwan Akiolu (203,500 units of
shares for which $5m was illegally transferred to an offshore account for
him), Mr. Reginald Ihejiahi of Fidelity Bank (203,500 units of shares for
which $5m was illegally transferred to an offshore account for him),
Governor-elect of Anambra State Chief Willie Obiano (203,583 units of
shares for which $5m was illegally transferred to an offshore account for
him), Mrs Olufunke Osibodu (203,500 units of shares for which $5m was
illegally transferred to an offshore account for her) and Cherroots
Nigeria Ltd (2,035,830 units of shares for which $50m was illegally
transferred to an offshore account for it).
FUSL Nominees Ltd got $30m for its 1,221,498 units, Mr. Olusola Adeeyo got
$10m for his 407,000 units of shares, Tele SPV Ltd got $20.5m for its
834,690 units, Yoram Ltd ((407,166 units of shares for which $10m was
illegally transferred to an offshore account for it), Sterling asset Mgt
and Trust Ltd for its 407,166 units got $9,995,920.00, Mr Bismarck J.
Rewane for his 203,583 units got $5m, Mr Adebayo Olawale Edun for his
610,500 shares got $15m among others.
It was gathered from some the named shareholders that the said amounts
actually represent the value of the shares as at the time of investment
but deny receiving such funds in their accounts as payment from MTN.
According to some of them, they have received between 10 to 15 per cent
dividends from MTN in the last four to five years but denied that it
amounted to the amount captured against their names. This is one of the
many puzzles that the investigators will need to answer – how did these
figures come up against the supposed beneficiaries when in actual fact
most of them are not aware of such transfers. Who did these transfers
eventually get to?
“It is however believed that between MTN, Stanbic IBTC and CBN, these
particulars were simply used to provide for these funds to shipped by the
telecom giant out of Nigeria. If this is true, then it means that the
funds invested by these individuals and organisations were immediately
laundered out of Nigeria, and that without their knowledge. Therefore, MTN
Nigeria has been using funds generated from its Nigerian operations to
both run the network and pay dividends to supposed shareholders who are
not even aware that their funds were never used for the company but
laundered abroad,” one of our sources added.
National Daily can also authoritatively reveal that the Presidency will
also look into the role of Bureau de Change registered by Mallam Sanusi
Lamido Sanusi as they were part of this scam. The petitioner expressed
assurance that if this issues raised are adequately investigated,
Nigerians will be shocked as to the level of rot in the system,especially
how those employed to watch over the nations resources are also
colludingwith foreign interests to defraud this country by engaging in
acts ofeconomic sabotage.
Finance Minister, Dr. Ngozi Okonjo-Iweala, has already distanced her
ministry from the transactions as there are no corresponding records to
date.
Efforts to get an official reaction from the CBN, MTN and Stanbic IBTC
proved abortive. Calls text messages to CBN Governor Mallam Sanusi Lamido
Sanusi, Mr. Ugo Okoroafor Director of CBN Corporate Communications, were
not returned. After series of calls and text messages to MTN Senior
officials, one of them responded with a call and asked that we sent a mail
to the relevant head of corporate communications for an official response,
which we promptly did. But as at the time of going to the press no
response was received.
Presidency sources told this newspaper that a thorough investigation has
been ordered into the allegations. It therefore remains to be seen how the
already embattled CBN Governor, Stanbic IBTC and MTN will exonerate
themselves from this allegations of monumental fraudulent depletion of
Nigeria’s External Reserves in the light of the available documented
evidences.
According to the whistle blower, our sources revealed,
Nigerians are in for a grave shock by the time this investigation is
concluded and details made public.
money laundering which has helped in not only depleting Nigeria’s Foreign
Exchange (Forex) reserves but also has negatively affected the country’s
economy over the last five years, National Daily can authoritatively
reveal.
newspaper that an anonymous petition sent to President Goodluck Jonathan
by someone who claims to be in the know of the transactions, had triggered
what they described as a special investigation into humongous economic
sabotage activities embarked upon by the actors. Accordingly, the telecoms
company has allegedly since February 7, 2008 engaged in practices that
clearly constitute economic sabotage against the Federal Republic of
Nigeria. Our sources highlighted that all the transactions were done in
collusion with top officials of the Central Bank of Nigeria and that
petitions sent to the Central Bank Governor over this fraudulent transfer
of funds from Nigeria to safe havens abroad were ignored by the Governor
because he has interest to protect.
supporting documents that exposed the monumental act of money laundering,
it was noted that MTN Nigeria in concert with Standard Chartered Bank and
Stanbic IBTC Bank illegally remitted the sum of USD 936,017,265.89 to the
Cayman Island, British Virgin Island and Mauritius. He also explained how
MTN fraudulently used 20 copies of forged Certificates of Capital
Importation allegedly used by a foreign investors who brought in foreign
capital investment on February 7,2008 through Standard Chartered Bank and
on February 8,2008 the said Capital had yielded proceeds that were
repatriated to the tune of USD936,017,265.89.
one made on behalf of N-Cell Limited with office address at Geneva Water
Front Drive, British Virgin Islands. This company had the sum of
$31,057,339.23 remitted on their behalf to Barclays Private Bank, Hans
Crescent, London (account number withheld). The second remittance was made
on behalf of SASPV limited located at Port Louis, Mauritius (account
number withheld), domiciled at the same Barclays Private Bank London. The
next transfer was the sum of $590,574,488.17 made on behalf Of MTN
International Mauritius Limited with office address at Suite 525 Barley
Wharf, Port Louis Mauritius. Our sources equally provided evidence with
account numbers, names of banks and transaction details of other similar
numerous transactions made on behalf of MTN Nigeria by Stanbic IBTC and
Standard Chartered Bank.
from MTN operations in Nigeria and the sum of $314,420,108.60 being
proceeds generated from Nigeria through private placements of MTN shares.
these, our sources noted that it is disturbing that Stanbic IBTC which
facilitated all these illegal transfers had between October, 1, 2007 and
May 31, 2009 carried out similar questionable capital repatriation through
its invincible transactions for the sum of $7,705,890,581.13 out of
Nigeria. This fraudulent transaction was made known to both Central Bank
and Nigeria Deposit Insurance Corporation (NDIC) examiners when they
visited Stanbic IBTC in 2009 and 2010 but they did nothing about this huge
infringement.
giving President Jonathan sleepless nights had in its MTR202 for the
period ended May 2009, understated the balance in its Capital Importation
Inflows for which Certificate were used to the tune of $314,420,108.60
representing acquisition of MTNs link units by Nigerians for which the
Bank issued CCIs. The said inflows were classified as over the counter
transactions by IBTC.
Nigeria and resides in the following countries, Mauritius, British Virgin
Islands, Cayman Island, thus the need for Nigeria Investment Promotion
Council registration certificates. These certificates were not provided by
IBTC on request. There was no evidence that the CCI’s were transferred to
IBTC by Standard Chartered Bank. Stanbic IBTC did not obtain any indemnity
from Standard Chattered Bank before transferring the said proceeds to
private placements. Stanbic IBTC did not indemnify CBN before embarking on
the forex transfer as requested by the forex manual. Moreso, the
beneficiaries of these capital repatriation proceeds communicated their
bank account details to Stanbic IBTC, same day their respective CCI’s were
issued which was on February 7, 2008.
shareholders both individuals and organisations, who bought MTN shares
through its private offer. Investigation revealed that these sums in some
cases represent the actual investments into the telecom giant by these
individuals and organisations numbering about 35. They include but not
limited to the Oba of Lagos, HRM Oba Rilwan Akiolu (203,500 units of
shares for which $5m was illegally transferred to an offshore account for
him), Mr. Reginald Ihejiahi of Fidelity Bank (203,500 units of shares for
which $5m was illegally transferred to an offshore account for him),
Governor-elect of Anambra State Chief Willie Obiano (203,583 units of
shares for which $5m was illegally transferred to an offshore account for
him), Mrs Olufunke Osibodu (203,500 units of shares for which $5m was
illegally transferred to an offshore account for her) and Cherroots
Nigeria Ltd (2,035,830 units of shares for which $50m was illegally
transferred to an offshore account for it).
$10m for his 407,000 units of shares, Tele SPV Ltd got $20.5m for its
834,690 units, Yoram Ltd ((407,166 units of shares for which $10m was
illegally transferred to an offshore account for it), Sterling asset Mgt
and Trust Ltd for its 407,166 units got $9,995,920.00, Mr Bismarck J.
Rewane for his 203,583 units got $5m, Mr Adebayo Olawale Edun for his
610,500 shares got $15m among others.
actually represent the value of the shares as at the time of investment
but deny receiving such funds in their accounts as payment from MTN.
dividends from MTN in the last four to five years but denied that it
amounted to the amount captured against their names. This is one of the
many puzzles that the investigators will need to answer – how did these
figures come up against the supposed beneficiaries when in actual fact
most of them are not aware of such transfers. Who did these transfers
eventually get to?
particulars were simply used to provide for these funds to shipped by the
telecom giant out of Nigeria. If this is true, then it means that the
funds invested by these individuals and organisations were immediately
laundered out of Nigeria, and that without their knowledge. Therefore, MTN
Nigeria has been using funds generated from its Nigerian operations to
both run the network and pay dividends to supposed shareholders who are
not even aware that their funds were never used for the company but
laundered abroad,” one of our sources added.
also look into the role of Bureau de Change registered by Mallam Sanusi
Lamido Sanusi as they were part of this scam. The petitioner expressed
assurance that if this issues raised are adequately investigated,
Nigerians will be shocked as to the level of rot in the system,especially
how those employed to watch over the nations resources are also
colludingwith foreign interests to defraud this country by engaging in
acts ofeconomic sabotage.
ministry from the transactions as there are no corresponding records to
date.
proved abortive. Calls text messages to CBN Governor Mallam Sanusi Lamido
Sanusi, Mr. Ugo Okoroafor Director of CBN Corporate Communications, were
not returned. After series of calls and text messages to MTN Senior
officials, one of them responded with a call and asked that we sent a mail
to the relevant head of corporate communications for an official response,
which we promptly did. But as at the time of going to the press no
response was received.
been ordered into the allegations. It therefore remains to be seen how the
already embattled CBN Governor, Stanbic IBTC and MTN will exonerate
themselves from this allegations of monumental fraudulent depletion of
Nigeria’s External Reserves in the light of the available documented
evidences.
Nigerians are in for a grave shock by the time this investigation is
concluded and details made public.
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