The Senate has blamed the Central Bank of Nigeria (CBN) in its investigation of the alleged illegal repatriation of $13.9billion by MTN, telecommunication giant.
The upper legislative arm also exonerated MTN Nigeria, after the business was accused of illegally repatriating $14 billion to its parent.
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 $13.9bn 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.
A spokesman for MTN said: “We welcome the report. We will study it in more detail. As we’ve placed on record previously, we have always insisted that our actions have been compliant with the law in this regard.”
The senate investigation did not receive proof of collusion to contravene Nigeria’s foreign exchange laws, according to the report.
“There was evidence of massive capital outflow but that fact alone is not conclusive that a crime has been committed,” the report said.