News: Money Laundering Scam in MTN & Stanbic IBTC, FG investigates

The Presidency has ordered an inquest into the money laundry scam involving telecom giant, MTN and Stanbic IBTC in which billions of dollars were salted away from the country. A Nigerian newspaper, National Daily, noted for its brand of fearless investigative journalism had reported the scam in which telecoms giant MTN Nigeria was accused of engaging in large scale money laundering which has helped in not only depleting Nigeria’s Foreign Exchange (Forex) reserves but also negatively affected the country’s economy over the last five years. Reports say last night that the President was miffed after he was briefed on the scandal which has all the trappings of a well-organised financial crime involving MTN Nigeria and the nation’s financial institutions including the Central Bank of Nigeria (CBN).
National Daily quoting an unnamed Presidency source reported 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.