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$13.9b: I did not transfer any fund on behalf of MTN – Minister

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Minister of Trade and Investment, Okechukwu Enelamah ‎ ‎has said that at no time did he transfer $13.9 billion out of Nigeria on behalf of MTN as alleged

Minister of Trade and Investment, Okechukwu Enelamah‎ ‎has said that at no time did he transfer any funds out of Nigeria on behalf of MTN.

Minister in his reaction to the allegation alleged Capital flight of $13.9 billion dated 7 October said it is important to note that investors‎ did not have responsibility for the remittance of proceeds from the company they invested in.

The letter reads:

“I‎ ‎ was never appointed as a Director of MTN at any time:

“I have never held any share directly in MTN since inception to date and

“In consequence of (2) above I have never earned any dividend directly from MTN shares.

“It is also pertinent to point out that l was never the “owner” of Celtelecom Investment Limited (“Celtelecom”) or a shareholder in Celtelecom as recorded on pages 402 and 403 of the Votes and Proceedings of the Senate of Tuesday 27th September 2016.

“Between 1998 and 2015, I served as the Chief Executive Officer of Capital Alliance Nigeria Limited, a wholly owned subsidiary of African Capital Alliance (“ACA”). 

“ACA is a leading pan-African investment firm sponsoring funds and managing investments in Sub-Saharan Africa, two funds managed by ACA together with some individuals and entities invested in MTN.

“With Celtelecom as the investment vehicle I served as a director of Celtelecom representing the ACA managed funds

“Contrary to the record on page 403 of the Votes and Proceedings of the Senate of Tuesday, 27th September 2016, I have never claimed that l invested in MTN on 7th February 2008 neither did I obtain a Certificate of Capital Importation on 7th February 2008. 

The investment by Celtelecom in MTN was made in 2001. The Form A dated 7th February 2008 that i signed in my capacity as a Director of Celtelecom was to enable the processing of payments due from the sale of part of its shares in MTN as evidenced by the letter to IBTC Chartered Bank Plc dated 7 February 2008.

“It is also important to note that investors do not have responsibility for the remittance of proceeds from the company they invested in. 

Therefore; at no time was i ever in a position to transfer funds out of Nigeria on behalf of MTN, and at no time did I transfer any funds out of Nigeria on behalf of MTN.

“I trust that you will give the above necessary consideration as you conduct your investigations.‎

“Please accept the assurances of my highest esteem.”‎

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