…Says funds can pull Nigeria out of recession

From Fred Itua, Abuja

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The Senate President, Bukola Saraki, has vowed that there will be no sacred cows in the $13.9 billion allegedly repatriated by telecommunications provider, MTN Nigeria, even as he revealed that the said funds were enough to pull the nation out of recession.
Saraki disclosed this yesterday, while opening the legislative hearing on the alleged repatriation of the funds by MTN, in connivance with some Nigerian banks and individuals.
The investigative hearing is being conducted by the Senate Committee on Banking, Insurance and Other Financial Institutions.
Saraki who was represented by the Majority Whip of the Senate, Olusola Adeyeye,  said that the amount involved was mind boggling.
“The amount of money involved in the alleged repatriation by MTN will pull Nigeria out of recession. We are duty bound to make sure that such breach of constitutional processes are investigated: be assured that this is not a witchhunt but a fact finding exercise.
“This 8th Senate has devoted a lot of attention on legislations that will improve the business environment. This hearing goes to show this commitment and so we expect maximum cooperation from the regulatory authorities: failure to do so will mean culpability.
“We intend to get to the bottom of this and get the facts and nothing but the facts. At the end of this, based on the calibre of people that are here, Nigerians will get to know the truth about what transpired,” he said.
Saraki urged the committee to be thorough in their investigation.
In his opening remark, the Chairman of the Committee, Sen. Rafui Ibrahim, said the investigation was not a witch-hunt but an avenue to block loop holes and revenue leakages.
He berated the individuals who did not honour the invitation of the senate stressing that they would be handled appropriately.
Meanwhile, Sen. Dino Melaye while also speaking alleged that the crime of repatriating funds was not done by only MTN.
Melaye, who blew the whistle on MTN, had alleged that a number of multinational companies were also engaging in repatriation of funds.
He had expressed hope that those companies who had been engaging in the repatriation would also be uncovererd by the investigation.