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EVIDENCE OF BUHARI'S FAMILY STEALING IS OUT:
#1

EXCLUSIVE: How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD
By
 Godwin Okafor



[Image: Ismailia-Funtua1.jpg]

.BREAKING NEWS:
 EVIDENCE  OF BUHARI'S FAMILY STEALING IS OUT:

SEE WHAT THEY STOLE OUR MONEY 

How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD

Recently, a shocking story came out to public knowledge about how Keystone Bank and 9Mobile were acquired in controversial circumstances by the business interests of one Alhaji Isa Funtua, a close friend of President Muhammadu Buhari, via the instrumentality of Asset Management Corporation of Nigeria (AMCON). As the smoke raised by the scandalous story is still swirling in the air, with some public groups challenging the government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire. For starters, it is a confirmed fact that the son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON. Before him, the previous CEO, Chike Obi, was a first-class gentleman and technocrat who was strangely removed from office before the expiration of his term and was replaced with Kuru, the son-in-law of Isa Funtua.
Now, let us get into the insider details of how Funtua bought Keystone Bank and 9Mobile in the most bizarre of dealings that circumvent the laws of the land. Keystone Bank was sold by the current CEO of AMCON to his father-in-law, Funtua, without any AMCON Board’s approval and with the active connivance of CBN and NDIC at a grossly undervalued price of 25 Billion Naira. To put things in context, let us recall that Enterprise Bank was sold for over 60 Billion Naira and Mainstreet Bank was sold for over 100 Billion Naira under the former CEO of AMCON.
Before the sale of Keystone Bank to Isa Funtua, all bad debts in the books of the Bank were taken over by AMCON. So, it was a clean Bank with all the Assets and no Liabilities that was sold to the Buyers. The Executive Management of AMCON was coerced into approving the transaction and those who were willing to submit a much higher bid were disqualified under a most opaque, suspicious process that lacks all transparency. The process was just manipulated in favour of the father-in-law of the AMCON CEO.

The Corrupt Payment for Keystone Bank
The most disgusting part of the entire sale of Keystone Bank is how the 25 Billion Naira sales price was paid to AMCON. The Isa Funtua Team paid 5 Billion Naira to AMCON, and then the balance of 20 Billion Naira was later paid through the most criminal and corrupt approach ever perpetrated by AMCON in favour of the Buyer. What happened was that AMCON moved 20 Billion Naira of their own funds as a fixed deposit at GTBank to Heritage Bank. Heritage Bank then paid the 20 Billion Naira on behalf of the Funtua Group to AMCON. In other words, AMCON used their own funds as a collateral for a loan to the Funtua Group for 20 Billion Naira!

When the Funtua Group took over Keystone Bank, they went borrowing immediately at the Interbank Market for 20 Billion Naira to refund AMCON’s funds. This has left a hole in Keystone Bank’s Balance Sheet and makes the Bank one of the most undercapitalized Banks in the Country as at today.
The evidence of this highly compromised acquisition process can be obtained from the current and former staff of AMCON, from NDIC, CBN and from the current staff of Keystone Bank itself. The story has been all over the place and it is quite shocking that some political parties and public interest groups are just picking it up now.

The Unholy Sale of 9-Mobile
Another suspicious acquisition scandal surrounding the Funtua Group is about the untidy way 9-Mobile, formerly known as Etisalat, was bought. It is Mr. Adrian Wood of Teleology Holdings, a very sound telecoms professional, who collaborated with the Funtua Group for the acquisition of 9-Mobile. The problem with their bid was the lack of a qualified Operator to support the bid which was one of the minimum conditions of NCC. Adrian Wood alone was not a substitute for an Operator.

The Nigerian Communications Commission (NCC) gave several conditions that must be met by the Ultimate Buyer of 9-Mobile to ensure the protection of shareholders value, prevent loss of jobs, protect the telecoms industry from slipping into a crisis and ensure transparency and professionalism in the post-acquisition entity.
The conditions listed by NCC that must be met by the Buyer are Strong Telecoms Operating Experience, Strong Financial Capabilities, Strong Technical Knowledge and Strong Administrative Skills.
The first thing that happened once Teleology was announced as the preferred winner was that the Funtua Group edged Adrian Woods out of Management and turned him to an Insignificant Shareholder. The second development was that the Funtua Group raided Keystone Bank again and forced the Bank to Pay 50 million Dollars as down payment for the acquisition of 9-Mobile. The third issue was that Teleology Nigeria replaced Teleology Holdings to remove any influence of Adrian Woods from 9-Mobile totally. The fourth step taken the Funtua Group was to borrow 260 Million Dollars from African Exim Bank. The fifth thing was to coerce NCC to approve the sale at all cost without meeting 90% of the conditions set up ab-initio by the NCC. The sixth strange action of the Funtua Group was to force the board of NCC to approve the sale through the influence and pressure from the Presidency. And the seventh Funtua infraction was to use the influence of CBN to force the Banks to the table and waive their own conditions of sale of 9-Mobile to the Teleology Nigeria group.

Conclusion
So far, the problem with the sales of the above mentioned assets is that all the processes and conditions were brazenly circumvented and Keystone Bank was forced into a deeper pit by the greed and recklessness of the Funtua group.
Today, AMCON as presently constituted is just a tool in the hands of the Funtua Group to acquire peoples’ businesses without paying for it or using AMCON’s money to pay for the Funtua Group. Even indigenous airlines like Arik and Aero Contractors, like many other companies under AMCON, are being considered for nepotistic acquisition in the near future. Of course, the Funtua Group has been penciled down as the preferred bidders. The devious plot is that if the Buhari government secures a second term and starts the tenure, all other companies under AMCON will be sold by hook or crook to the favoured Funtua Group. Meanwhile, the Management and Staff of AMCON along with the Board have all been intimidated into silence. In fact, the Board is dead and ineffective. And the other Supervisory Bodies over AMCON are just rubber stamps because the fear of Katsina power brokers is the beginning of wisdom.- Naira 247 NEWS
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#2
Buhari’s Family Has No Shares In Etisalat And Keystone, Investors Slam PDP

Wants party, others to verify ownership structure at CAC 

Due to incessant allegation by the Peoples Democratic Party (PDP) that President Muhammadu Buhari’s family has ownership of shares in the Etisalat Nigeria and Keystone Bank, a group of investors in Lagos State, under the leadership of Mr. Michael Akekehgon, has condemned the claim, saying sale of both institutions followed due processes with the involvements of industry’s regulators. 

For instance, after about a year of back and forth struggle, process of selecting a preferred bidder for the sale of 9Mobile, formerly Etisalat, the Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) jointly, in their roles as regulators, opted for an innovative approach to deal with a distressed company – 9mobile operated by Emerging Markets Telecommunications Services Limited (EMTS) which its predecessor, Mubadala Group, Etisalat International brand pulled out of the country due to massive debt. 

Speaking further, the serial investor, Mr. Akekehgon told The Daily Times that the CBN in collaboration with the NCC, had in July 2017 appointed a Board of Directors chaired by Dr. Joseph Nnanna, the Deputy Governor of the Central Bank of Nigeria, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition. He explained that Barclays Africa superintended the bid process, adding that there was no way the sale process could have been doctored as claimed by the PDP, because the entire procedures were open and plain, hence, the emergence of Teleology Nigeria Limited, who has since completed payment of $301 million to acquire 9Mobile. 

He, however, advised the aggrieved persons, group or political parties to approach appropriate agencies to verify their claims. 

“Whoever that is in doubt of the ownership structure of both Etisalat and Keystone Bank, have the liberty to verify his or her claim at the CAC. 

“In fact, the last payment of $251.1 million to complete the total sum of $301 million to perfect the full takeover of the mobile network operator was sourced from Afreximbank,” he said. 

The new owner of 9mobile had said: “Teleology is pleased to announce the constitution of a new Board of Directors for Nigeria’s multi-award-winning telecommunication company, 9mobile, following the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.” “We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wishes them the very best in their future assignments. 

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements. This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market”, it added. 

The new Board of Directors of the telecommunication company are Nasiru Ado Bayero, Chairman; Asega Aliga, Non-Executive Director; Adrian Wood, Non-Executive Director; Mohammed Edewor, Non-Executive Director; Winston Ndubueze Udeh, Non-Executive Director; Abdulrahman Ado, Executive Director and Stephane Beuvelet, Acting Managing Director. 

Similarly, the new owners of Keystone Bank who were referred as a Consortium of local investors called Sigma Golf Nigeria Limited and Riverbank Investment Resources announced transitional governance arrangement that include new Board Chairman; Acting Managing Director/CEO; Executive Director and two Non-Executive Directors. The lender, which had since 2017 handed over officially to its new owner by the Asset Management Corporation of Nigeria (AMCON), has since named transition board team including new Board Chairman, Alhaji Umaru H. Modibbo, Hafiz Bakare, a Non-Executive Director; Titilayo Tairat Adebiyi; Mr. Dan-Habu, and Mrs. Isichei who was the then Executive Director in-charge of Operations and Technology at Keystone Bank Limited. 


For More, visit 

https://dailytimes.ng/etisalat-keystone-bank-shareholding-investors-slam-pdp-over-false-claim/


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