The Senate has blamed the Central Bank of Nigeria in its investigation of the alleged illegal repatriation of $ 13 . 9 bn by the telecommunication giant , MTN .
Adopting the report by the Committee on Banking , Insurance and Other Financial Institutions on the probe at the plenary on Wednesday , the Senate accused the CBN of laxity , leading to sharp practices by commercial banks .
The chamber had, in October 2016 , begun a probe into the allegation that MTN illegally transferred a total sum of $ 13 . 9 bn from Nigeria to other countries between 2006 and 2016 .
The Senate panel had summoned the CBN, MTN management , the Financial Reporting Council of Nigeria , three commercial banks and some businessmen over alleged violation of the Foreign Exchange ( Monitoring and Miscellaneous ) Act to a public hearing where they made counter - claims .
The recommendations by the panel were unanimously approved by the lawmakers .
They include , to “ condemn the Central Bank of Nigeria 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 .
“ Mandate the CBN to sanction Stanbic IBTC for improper documentations in respect of capital repatriation and loan repayments amounting to $ 388 , 195 , 183 and $ 199 , 440 , 952 : 07 , respectively .
“ Mandate the CBN to sanction the activities of Stanbic IBTC Nominees in the matter of shares transfer and splitting for the purpose of dividend repatriation .
“ Mandate the CBN to come up with a proposal for the amendment of FEMMA, with a view to ensuring the growth of the economy through massive foreign capital inflow and greater retention of foreign exchange . The amendment is still ongoing in the Senate.
“ Direct the CBN to forthwith render periodic status reports to Senate on the performance of foreign investments inflows and outflows . ”
In his comment, Senator Dino Melaye ( Kogi- West) said the findings by the panel had vindicated the Senate.
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