Senate indicts CBN in MTN capital flight scandal

The Senate yesterday adopted a resolution  indicting the Central Bank of Nigeria (CBN) in  capital flight scandal involving the MTN.

The resolution followed the adoption of the report of the Senate Committee on Banking, Insurance and other financial institutions on the unscrupulous violation of the Foreign Exchange Monitoring Miscellaneous Act (FEMMA) by MTN and others.

The recommendations of the committee chaired by Senator Rafiu Ibrahim (APC, Kwara) was unanimously adopted by the Senate during yesterday’s plenary presided over  by the Senate President, Bukola Saraki.

The resolutions of the committee are: “Condemn the Central Bank of Nigeria (CBN) for failing in its duty to bring forth those observed deficiencies of FEMMA for amendment rather than granting extensions and exemptions which became prone to abuses.”