₦airaland Forum

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!

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!

stieyven:
He who calls his brother a fool shall be in danger of hell. Matthew 5 :22

Beetobee:
For your information, Funtua has been in serious construction business for more than forty years. His company is Bullet Construction Ltd. He built part of Federal Secretariat, Abuja.

Printerscanner:
Why abusing your generation?

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

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

Boyooosa:
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!�

NaijaRoyalty:
So you know Issa fungua more Than Buba Galadima ?

You're one of the problems of this country .

donttouch:
Thank goodness, you guys are finally back from your briefings. I wonder how this action will pass without a boot-licker and e-rat coming to justify it.
Go on spew whatever Lie they have put in your mouths.

Guestlander:
Is Buhari an investor in the deal? Was he aware or did he approve it?
Is there any evidence linking Buhari to it in any way? I really like to know.

emkz:
You need balls. You seem to me like a weak and lazy leader.

Only you'd take the fall when things go wrong. This is embarassing. You need to address it before the next elections.

bebanky:
Do you understand anything at all?
Isa Funtua is Buhari's kitchen cabinet....always in aso rock....has influence over Buhari and national matters

SalamRushdie:
where did you people get the idea that Buhari has integrity from?

please read the story below and have an idea of the con man you are dealing with

https://wikivisually.com/wiki/Daniel_Bamidele

Jodhar:
So the PDP were saying the truth after all

Yoighaman:
Just read it......hmmm, this is very sad and disturbing. Their style is to put up an I-am-not-aware front while they orchestrate everything behind the scenes, damn, I pity that Officer, what if he had told his GOC the second time and the same guy was part of the coup? He was just caught in a dilemma and was eventually executed for taking a clue from past experience but there was no way he could have convinced IBB, no way......summary, these guys know what they are doing and only feign ignorance...WTF.

precious1967:
What of babachir lawal, Maina, Adeosun, Daura, kyari? Hmmmmmmmmmm Mr integrity