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EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile (5904 Views)

Femi Fani-Kayode Blasts Ismaila Isa Funtua, Calls Him Uncircumcised Philistine / How Isa Funtua fraudulently acquired KeyStone Bank and 9Mobile using AMCON MD / Emefiele Bowing Down For Samaila Isa Funtua, Buhari Cabal Member - Reno Omokri (2) (3) (4)

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EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Elose11(m): 12:53pm On Dec 31, 2018
Introduction
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.

https://naija247news.com/2018/12/31/exclusive-how-isa-funtua-fraudulently-acquired-keystone-bank-and-9mobile-using-amcon-md/

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Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by PreciousJuice(m): 12:58pm On Dec 31, 2018
There is more to it than this well scripted one sided story.

4 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by SalamRushdie: 1:02pm On Dec 31, 2018
no wonder he was instructing the CBN Governor since he is now a bank owner... Is this the same Issa Funtua who just 4 years ago used to ask Buba Galadima for 2 thousand Naira aid?

27 Likes 7 Shares

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Nobody: 1:09pm On Dec 31, 2018
Buhari will not be president for life, thank God for democracy. One day, people who fleeced Nigeria will pay the price. God Almighty will never let them go Scott Free.

15 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Amitez: 1:16pm On Dec 31, 2018
Funtua, Daura, etc. Nigeria is finished.
Mr. Integrity will send Kenyamo, a Niger Deltan whose father's land breeds the oil money to come snd defend them. What is his reward? Pittance and board membership without authority.

13 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Sirjamo: 1:17pm On Dec 31, 2018
This crap would make a good script for Enugunwood

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Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by mbaboy(m): 1:18pm On Dec 31, 2018
Integrity should be removed when mentioning Buhari because he lacks it totally

13 Likes 2 Shares

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Spiritualism: 1:19pm On Dec 31, 2018
Okay but how true

2 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by ochejoseph(m): 1:21pm On Dec 31, 2018
Integrity has lost it's meaning in Nigeria

3 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by LibertyRep: 1:22pm On Dec 31, 2018
This had better not be true.

I mean it can't be true.

For the sake of my sanity, I'll rather wait for more credible sources.

2 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Born2Breed(f): 1:24pm On Dec 31, 2018
So much talk of integrity, Buhari is a smooth criminal.

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Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Racoon(m): 1:27pm On Dec 31, 2018
Well that is how Buhari fight corruption-always protecting his own.
From PTF to The Buhari Organization (TBO), Buhari has consistently protected corrupt close aides from the consequences of their ethical and legal infractions.

This attitude of mollycoddling corrupt but loyal aides and appointees while pretending to be a man of “integrity” who is “fighting” corruption is getting worse by the day and indicates that, in spite of self-righteous declarations to the contrary, Buhari is himself morally indistinguishable from his crooked cronies.

https://www.google.com/amp/s/www.dailytrust.com.ng/amplite/adeosun-s-nysc-certificate-is-as-fake-as-buhari-s-integrity-260912.html

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Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by SalamRushdie: 1:27pm On Dec 31, 2018
Sirjamo:
This crap would make a good script for Enugunwood

stop deceiving yourself man , everything there is 200 percent correct

12 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by kutchs: 1:27pm On Dec 31, 2018
Sirjamo:
This crap would make a good script for Enugunwood
I wasn't expecting you to say otherwise. But like someone said, in the fullness of time, we shall know the truth. 2019 or 2023 isn't far away.

11 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by SalamRushdie: 1:28pm On Dec 31, 2018
LibertyRep:
This had better not be true.

I mean it can't be true.

For the sake of my sanity, I'll rather wait for more credible sources.

it's 200 percent true

5 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by SOFTDRINK: 1:41pm On Dec 31, 2018
When buhari leaves office in 2019, Nigerians will know the real meaning of corruption and nepotism.

10 Likes 2 Shares

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Elose11(m): 3:13pm On Dec 31, 2018
One of the two controlling pmb. He is the owner of Bulletine. One of the construction companies handling the abuja - lokoja road.

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Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Kenekingisback: 3:18pm On Dec 31, 2018
But where is lalasticlala sef grin
Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by arabbunkum: 3:25pm On Dec 31, 2018
The cabal

1 Like

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by pcicero(m): 3:50pm On Dec 31, 2018
The 9mobile angle is true.
Though it looks like a concocted story and that is due to the laziness of the journalist who wrote it.

5 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 3:57pm On Dec 31, 2018
And some born and bred slaves are still supporting this useless govt.

For what reason exactly? Is it the 30k pittance or their hatred of the better south whom they think Buhari is dealing with?

5 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 3:58pm On Dec 31, 2018
SOFTDRINK:
When buhari leaves office in 2019, Nigerians will know the real meaning of corruption and nepotism.

Well over $70bn has been stolen by Buhari and members of the APC in just 3years.

This govt will make Abacha look like a pick pocket.

7 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by jordyspices: 4:06pm On Dec 31, 2018
Makes sense

1 Like

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 4:11pm On Dec 31, 2018
LibertyRep:
This had better not be true.

I mean it can't be true.

For the sake of my sanity, I'll rather wait for more credible sources.

Even if they confess to you, you will still not believe.

But if this was Jonathan...we know you would have hit Ojota with your broom.

10 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Xander85: 4:11pm On Dec 31, 2018
Born2Breed:
So much talk of integrity, Buhari is a smooth criminal.

We've been hit by....we've been struck by...a smooth criminal! sad

5 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 4:16pm On Dec 31, 2018
Kenekingisback:
But where is lalasticlala sef grin

You go wait tire for this thread to hit FP.

There was a thread here yesterday that exposed the heavy corruption ongoing in the military and attributed it to BH resurgence. The thread quoted a US military research and analysis report.

That article never got to FP despite having over 3 different threads.

2 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Nobody: 4:20pm On Dec 31, 2018
shocked shocked cry
Why is dis not yet on front page

1 Like

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by SalamRushdie: 4:22pm On Dec 31, 2018
myndd44 Seun Lalasticlala please this is worthy of FP let's act and fight corruption

3 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 4:38pm On Dec 31, 2018
Buckubuck:
shocked shocked cry
Why is dis not yet on front page
It will never smell FP for the simple fact that NL is moderated and controlled by Lai Mohammed himself.

A similar topic was opened here that blamed the resurgence of BH due to corruption by top Army brass. The article quoted a US military research and analysis report.

But the mods deemed it not worthy of FP just as they will soon Bury this thread in crime section.

3 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by TylerDurden: 4:39pm On Dec 31, 2018
SalamRushdie:
Seun please this is worthy of FP let's act and fight corruption

When last did you see Seun on thi forum?

That dude has since leased NL to Lai Mohammed.

4 Likes

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by id911(m): 5:05pm On Dec 31, 2018
TylerDurden:


You go wait tire for this thread to hit FP.

There was a thread here yesterday that exposed the heavy corruption ongoing in the military and attributed it to BH resurgence. The thread quoted a US military research and analysis report.

That article never got to FP despite having over 3 different threads.


Don't worry, Buhari won't be in power forever. The 'tsunami' that would hit them thereafter isn't something one can ever imagine

3 Likes 1 Share

Re: EXCLUSIVE: How Isa Funtua Fraudulently Acquired Keystone Bank And 9mobile by Mystick: 5:39pm On Dec 31, 2018
Other credible sources should look into this and confirm its authenticity.
Buhari, Nigerians will not forget. Zombies will not remain zombie for forever.

2 Likes 2 Shares

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