Standard Chartered Bank and MTN Nigeria has said they did no wrong as regards the forex transaction for which the Senate is probing the telecom giant. An allegation that MTN illegally moved out of Nigeria close to $14 billion.

While Standard Chartered accused with three other banks said it will fully cooperate with all law enforcement agencies and comply with all laws and regulations  in the course of the investigation, MTN has insisted there no illegality in its forex remittances.

The Senate on Tuesday directed its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illegal repatriation of $13.9 billion to South Africa by MTN through its bankers between 2006 and 2016.

The Minister of Trade and Investment, Dr. Okechukwu Elenemah, Diamond Bank, First Bank and Stanbic Bank were also accused as complicit in the forex remittance scam.

Standard Chartered in a terse statement said “We are working with the relevant authorities to address and resolve their enquiries.

“As this case is currently under investigation, you (the public) will appreciate that we cannot provide any further information.

“We remain absolutely committed to all our stakeholders in Nigeria and we ensure that our processes and procedures adhere to the highest levels of Corporate Governance and Controls.

“The Bank is making every possible effort to ensure a rapid and satisfactory outcome of this matter.”