Why Bank Customers Are Making Panic Withdrawals…

Following the controversy generated by the leading opposition party, the People’s Democratic party, PDP, over the alleged acquisition of Keystone bank and Etisalat by Alhaji Isa Funtua and the CEO of AMCON, Ahmed Kuru, President Mhammadu Buhari has ordered probe into the alleged fraud.

A highly placed source at the headquarters of the Economic and financial crimes Commission, EFCC yesterday told daybreak that the President was thoroughly embarrassed with the allegations linking him to the transactions.

According to the source, a discrete panel will be set up soon comprising of the Chairman of the EFCC, representative of the DSS, ICPC, federal ministry of Justice to look into the allegations.

The source further added that, both Isa Funtua, Ahmed Kuru, the governor of the central bank of Nigeria, CBN, Chief Godwin Emefiele and management Staff of the Keystone Bank and 9Mobile will be quizzed by the operatives of the EFCC for some interactions.

Recently, a mindboggling scandal broke 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).

The PDP challenged the federal government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire.

The leading opposition party also 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.

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.

Efforts to reach the acting Head media and publicity of Economic and financial crimes Commission,EFCC, Mr. Tony Orilade to confirmed the latest developments proved abortive as his lines were not connecting.


http://www.thecapital.ng/?p=28100

Buba Galadima said " those who were begging us for 2000 naira to travel to Kaduna have become billionaires overnight"

People wey no fit buy nomination form 3 years ago just wake up begin buy Etisalat and Kaystone bank ..... This one pass Yahoo Yahoo

Buhari and APC are a scam!

Lol

See what he has reduced Nigeria to, and to think educated folks like the yourubas are leaking his anus is so painful

So Atiku was right. Why setting up a discreet panel to investigate when you say they are lying?

Buhari must go to Daura, he néeds to rest.

All noise no action.

abokibuhari:
See what he has reduced Nigeria to, and to think educated folks like the yourubas are leaking his anus is so painful

Afonjas dont care the level of corruption or death in Nigeria, as long as Buhari will hangover to SW.

They dont care if the rule over a dead Nigeria.

I thought that fool, Festus keyamo, said Atiku was lying on the keystone and Etisalat acquisition by Buhari family and friends.


Na god go punish Festus keyamo .


Nigerians can now see that Buhari and his family are secretly milking the nation's treasury dry .

Honestly.. This is the truth with some other details omitted.

Where are all d supposed right activists in this country. What started like a bogus claim by Atiku/PDP is gradually gathering credibility. AMCON MD used his position to influence d acquisition of two prime business ventures in a case of obvious conflict of interest and nobody is carrying placards. Just today INEC has announced Buhari's niece as d Chief Collation officer for d Presidential election still everyone is quiet. Truth is this barbaric govt has annihilated opposition but I don't know any tyrannical leader that outshines d people in d fullness of time.

the macabre acquisition of Keystone bank and 9 mobile by Buharis cabal member Issa Funtua will go down in history as the most corrupt action overseen by AMCON ever and to try to absolve Buhari from it will be resisted by all smart people because when Buhari appointed his friends son inlaw as the boss of AMCON to do exactly just that

So there's an element of truth in this Keystone and Etisalat brouhaha as alleged by Atiku.


Let no one say the Presidency is embarrassed as if they aren't aware of the fraud ab initio.

Following the controversy generated by the leading opposition party, the People’s Democratic party, PDP, over the alleged acquisition of Keystone bank and Etisalat by Alhaji Isa Funtua and the CEO of AMCON, Ahmed Kuru, President Mhammadu Buhari has ordered probe into the alleged fraud.

A highly placed source at the headquarters of the Economic and financial crimes Commission, EFCC yesterday told daybreak that the President was thoroughly embarrassed with the allegations linking him to the transactions.

Finally this scandalous allegation was true? Thought APC said Buhari govt will not probe the allegation? And Festus Keyamo as well as zombies were convulsing unnecessarily?

Buhari was embarrassed? Perhaps he is still hypocritically unaware about about all the nepotism & corruption that have been the order of the day in his regime.Nigeria must kick out this corrupt govt.

LibertyRep:
So there's an element of truth in this Keystone and Etisalat brouhaha as alleged by Atiku.


Let no one say the Presidency is embarrassed as if they aren't aware of the fraud ab initio.

so you didn't believe before

Buhari is failure, and a disgrace to our nation

This is the reason why I support the investigation of any allegation no matter the personality involved.

NaijaRoyalty:
I thought that fool, Festus keyamo, said Atiku was lying on the keystone and Etisalat acquisition by Buhari family and friends.
Na god go punish Festus keyamo.Nigerians can now see that Buhari and his family are secretly milking the nation's treasury dry.

Meanwhile, Festus Keyamo was having a seizure while defending the morally corrupt Buhari govt on this issue.APC corruption nah Helele.

I said it.

Trust me na correct truth.

ochejoseph:
Why Bank Customers Are Making Panic Withdrawals…

Following the controversy generated by the leading opposition party, the People’s Democratic party, PDP, over the alleged acquisition of Keystone bank and Etisalat by Alhaji Isa Funtua and the CEO of AMCON, Ahmed Kuru, President Mhammadu Buhari has ordered probe into the alleged fraud.

A highly placed source at the headquarters of the Economic and financial crimes Commission, EFCC yesterday told daybreak that the President was thoroughly embarrassed with the allegations linking him to the transactions.

According to the source, a discrete panel will be set up soon comprising of the Chairman of the EFCC, representative of the DSS, ICPC, federal ministry of Justice to look into the allegations.

The source further added that, both Isa Funtua, Ahmed Kuru, the governor of the central bank of Nigeria, CBN, Chief Godwin Emefiele and management Staff of the Keystone Bank and 9Mobile will be quizzed by the operatives of the EFCC for some interactions.

Recently, a mindboggling scandal broke 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).

The PDP challenged the federal government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire.

The leading opposition party also 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.

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.

Efforts to reach the acting Head media and publicity of Economic and financial crimes Commission,EFCC, Mr. Tony Orilade to confirmed the latest developments proved abortive as his lines were not connecting.


http://www.thecapital.ng/?p=28100

chai?
see corruption under President Buhari nose!

and the APC was forming something

2015 - 2019
The DARKEST YEARS of Nigerian History

APC lost a lot when they lost Saraki..

Dude knows a lot.

Isoright

The gap between Buhari and "Integrity" so very wide

Guess the world can see the nepotism and corruption of this useless government.The PDP was right.

If buhari can nail him before election, its a lot of positive PR for him. If not, then this is catastrophe for him.
That is what we r saying: that all these guys are frauds. Come year 2023 now, if he had survive this, he will contest for presidency against whosoever olodo on board.
Then some ..... Nigerians will say he is a better evil, let's try him!
We r just merry-go-rounding our same naughty way.
Atiku did exact thing while privatising phcn, nitel and d likes back then and here we are today, he wants to significantly be in charge. Sad!�

KikBuhari2Daura:
Buba Galadima said " those who were begging us for 2000 naira to travel to Kaduna have become billionaires overnight"

People wey no fit buy nomination form 3 years ago just wake up begin buy Etisalat and Kaystone bank ..... This one pass Yahoo Yahoo

Buhari and APC are a scam!

So, the owners are no longer relations of PMB?

The cronies of the President are taking advantage of his position for self enrichment. The man himself may not directly benefit from it.

President Buhari, the CEO of AMCON needs to be suspended while investigation is ongoing. That would send strong signals to Isa Funtua and Abba Kyari that you are intolerant of nepotism and corruption. I understand you can't be everywhere, but you need to show you are in charge. You need balls. You seem to me like a weak and lazy leader.

You must study all information and security reports on potential appointees before approval. You don't just appoint people because they were recommended by your loyalists. Even though Isa Funtua has been a long-time friend and campaign financier, you need to cut him off asap. Only you'd take the fall when things go wrong. This is embarassing. You need to address it before the next elections.

dunkem21:
APC lost a lot when they lost Saraki..

Dude knows a lot.

Saraki is not half of Akpabio. February 16th will prove this fact.

Do these people actually have a sense of shame?

See high level thievery and daylight robbery perpetrated in broad dayllight and with the stupid idiotic dullard's full cooperation.

Nobody should believe that this boju boju panel will do anything other than to cover the dullard's lifeless and decaying ass.