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MTN: I’m not involved in any wrong doing – Minister insists

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‎Minister of Industry, Trade and Investment Okechukwu Enelamah reiterated that he is not involved in any wrong-doing, with regard to the MTN saga.

‎Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah has reiterated that he is not involved in any wrong-doing, with regard to the MTN saga.

According to the statement, the Minister ‎Served as CEO of Capital Alliance Nigeria Ltd 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 Celtelcom, 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.

“And at no time did Dr. Enelamah transfer any 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 Certificate of Capital Importation (CCIs) was done by MTN Nigeria.

“All the allegations against the Minister, therefore, are baseless and without merit.”

‎A‎ source from the Minister’s office said:

“The hearing did not start on time. Minister Okechukwu Enelamah offered to give his statement first, it was declined. 

“He had to leave because of urgent matters of national importance.‎”

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