₦airaland Forum

it's time you obtain your coaching qualifications and start your career as a coach

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 approvingand 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/

It will be very difficult for buhari to win in nasarawa

GraGra247:
I.K no get sense. A man that has the actual most beautiful girl is Nigeria was busy hunting a low life like Nina that had sex on national TV(that's if story was true)

Abeg make Sonia dump him, far more loyal guys she deserves are waiting all over.

dude you are really a hater

I hope access bank will not retrench diamond bank staff, this is quite whenever there's a merger or acquisition.

Hope he is no longer dealing in drugs

So immediately after your first hit the first thing that came to your mind is a record label.

potent5:
This good-for-nothing murderous, retired general that should be cooling off in gaol. After being used by the foolaaanni, they abandoned him with nothing to show for his years of slavery.

Actually he's a senator representing plateau south in the senate ,he is also a billionaire real estate Tycoon with properties all over nigeria and he's currently PDP 's gubernatorial candidate in the upcoming elections, not bad for someone for who has been used and dumped

I don't Blame ojukwu for dammning the consequences by marrying her, I don't blame ojukwu for jeopardizing his friendship with chief CC onuh Bianca 's father by marrying her wow what a beauty .

in as much as I am an Atiku supporter I can't help but commend this government for procuring arms based on government to government basis

what this entails is that no longer will arms be bought in the black market through crooked contractors that usually connive with senior military officers and siphon millions meant for buying arms but rather the Nigerian government will go directly to the nation where those weapons are manufactured and buy them directly without any third party involvement. I hope the crooked hawks in buhari 's cabinet will allow this to become a reality.

Kudos to alhaji Atiku for helping this young girl this gesture is a reflection of the kind of person Atiku is, unlike one barely educated, cruel, despotic ignoramus sitting in aso rock who has made it his life ambition to starve, insult and kill his own citizens whenever the opportunity presents itself.

Davematics started life as a black marketer selling fuel in lafia but today he's a contender for governor of nasarawa state ,indeed there's a God up there

You don't need a crystal ball to tell you that the public official in question is saraki, wonder when buhari will investigate:
His bribe loving chief of staff
Buratai 's mansions in Dubai
Babachir lawal 's grass cutting contract
The fact that soldiers fighting insurgency in the north east are not being paid their allowances .

Those pot bellies wey I dey see

It is devastating. More than 120 killed, including civilian JTF members who used to assist our men,” he told SaharaReporters. “We have recovered close to 120 corpses. The terrorists came in large numbers to attacks them from every angle. They tactically backed out; many are yet to return from the troops who went on the evacuation mission. The corpses of both soldiers and civilians JTF are yet to be evacuated."
The corpses of dozens of soldiers and civilian Joint Task force (JTF) members killed by Boko Haram in Metele, Borno State, have still not been evacuated, SaharaReporters has learnt.

More than 120 soldiers, including five officers, were killed and about 200 others are still missing after Boko Haram insurgents attacked a battalion station in Metele, Mobar Local Government Area, on the outskirts of Lake Chad Basin
Troops sent to evacuate the dead soldiers two days later were also attacked.

According to a soldier who escaped from the follow-up attack, the evacuation team suffered high casualty as they fled, abandoning their operational vehicles at Metele then trekking 50 kilometers before getting to cross Kauwa, in Kukawa Local Government Area
.bandoning their operational vehicles at Metele then trekking 50 kilometers before getting to cross Kauwa, in Kukawa Local Government Area.

"It is devastating. More than 120 killed, including civilian JTF members who used to assist our men,” he told SaharaReporters.

“We have recovered close to 120 corpses. The terrorists came in large numbers to attacks them from every angle. They tactically backed out; many are yet to return from the troops who went on the evacuation mission.

“The corpses of both soldiers and civilians JTF are yet to be evacuated. We can't ascertain the numbers but certainly up to a battalion, which comprises hundreds soldiers and also with civilian JTF, the death toll might be higher than a hundred. We are waiting for more information from those who escaped. But it is a tragedy for the entire Nigerian military, not just the Army.”

As a consequence of the tragedy, President Muhammadu Buhari is set to visit Borno, having cancelled a casual leave he was supposed to embark on from November 27 till December 2.
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Ibrahim Sakaba, a lieutenant-colonel, died alongside at least 117 of his fellow soldiers following a catastrophic invasion of their base in northern Borno State on November 18.

Colleagues have hailed the bravery of all the soldiers who lost their lives in the attack. But they hailed Mr Sakaba in particular for his leadership at the Nigerian Army 157 Task Force Battalion in Metele, where Boko Haram terrorsits launched a surprise attack against them at about 6:00 p.m. that Sunday.

In the hope that the Nigerian Army would formally announce the passing of Mr Sakaba and other slain soldiers in the Metele attack, PREMIUM TIMES held back his identity while breaking the news on Tuesday morning.

But a week after the incident, no formal announcement has been made by the military, and no clear indication his families or those of other departed soldiers have been notified.

A senior military colleague who knew Mr Sakaba described him as a selfless commander.

Mr Sakaba “had sometimes ago refused to advance for an operation due to unserviceable and lack of equipment but was threatened with court martial,” the senior officer said while recalling how his fallen colleague risked his career in the preservation of the hundreds of personnel he supervised at the 157 Task Force Battalion.

The officer declined to be named to avoid a backlash from top military brass who havel been reluctant to publicly comment on the latest setbacks.

Mr Sakaba was briefly detained during the August incident, PREMIUM TIMES learnt. The Nigerian Army and Defence Headquarters did not return PREMIUM TIMES’ requests for comments on how the military handled the incident at the time.

Perhaps for its strategic role as a formidable asset in Nigeria’s counter-insurgency operations — especially how its personnel have repeatedly driven jihadists away from the larger Metele area towards the border with Chad Republic — the battalion has come under repeated attacks by Boko Haram.

The base was raided on October 8 by Boko Haram, during which at least 18 soldiers were killed and eight wounded, PREMIUM TIMES learnt when it first broke the news at the time. The Army confirmed the attack, but significantly downplayed its severity, especially the scale of personnel and equipment losses.

Mr Sakaba, who was born on December 20, 1975, was first deployed in Borno State in 2014 while a major. His service number is N/10744.

Married and blessed with a son, Mr Sakaba graduated as an infantry officer in 2001 from the Nigerian Army 48 Regular Course at the Nigerian Defence Academy (NDA).
Shortly after his deployment as a staff officer at the Nigerian Army 7 Division, Maiduguri, in 2014, Mr Sakaba was involved in a skirmish with M.Y. Ibrahim, now a major-general, who was the acting general officer commanding (GOC) of the division at the time. Mr Sakaba was subsequently posted out of the Division the same year.

His appointment as the commander of 157 Task Force Battalion was his second as a lieutenant colonel, and it was characterised by his relentless complaints about poor military hardware and acute shortage of welfare supplies to his men, military sources said.

Bala Na’Allah, the Senate majority leader, was amongst the first persons to acknowledge Mr Sakaba’s heroism.

During the senate plenary on Thursday, Mr Na’Allah described the fallen officer as his cousin and the finest soldier he had ever known. The senator consequently urged his colleagues to adjourn plenary in honour of the commander and his men who lost their lives in services to their country.

The army in its first reaction to the Sunday attack on Friday evening said reported casualty figures were untrue, although it did not provide its own figures or details of how the attack occurred.

President Muhammadu Buhari commented on the attack on Saturday, vowing to ensure the end of the insurgency and as well as care for the soldiers deployed in the volatile North-East.

Atiku Abubakar, the main opposition presidential candidate, condemned the attack and offered what he saw as solutions to the 10-year campaign by the jihadists. Mr Abubakar said there should be increased and prioritised focus on both military expenditures and the timeframe required to approve them.
He also announced scholarships for five selected families of the fallen soldiers and urged the government to set up a trust for the care of the families of our fallen heroes.

In a video circulated this weekend, Nigerian soldiers deployed in the war-ravaged North-East blamed obsolete equipment and pervasive corruption amongst top military brass for the massive losses in personnel and equipment which insurgents have inflicted on the Nigerian military since their latest evil campaign of raiding bases began in July.
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this cougar is looking for a new Lover,another soy boy teenager to ravage that borehole that has been thoroughly drilled. Wish her all the best in her future endeavors

Immaculatesnow:
Another useless couple news heading to the front page where all the trash goes to

If you have a verified Nigerian AdSense do reach me

calling a great entrepreneur like Jason njoku useless amounts to nothing but hate from you, a person who is an employer of labour through his iroko TV deserves some respect. Come to think of it, how many people work for you? How many do you feed? What have you ever created to warrant u throwing insults at an entrepreneur and a family man.

The Nigerian National Petroleum Corporation (NNPC) has sacked over 80 manager-level employees, Daily Trust learnt.

The corporation started issuing letters to the affected worAt the Kaduna Refining & Petrochemical Company (KRPC), over 20 workers were affected.

Spokesman for the corporation Mr. Ndu Ughamadu told Daily Trust that the affected personnel were asked to quit because they failed promotion exams conducted for them recentlykers on Friday.
There was a promotion exercise and those who didn’t do well, I don’t have the figure now, were asked to exit,” Ughamadu said.

On why the staff were sacked rather denied promotion, Ughamadu said, “Corporate policy is corporate policy and management decision is management decision. It was a comprehensive exercise that was carried out and those who didn’t absolutely do well (were asked to quit). Management met on it and decided that number should go.”
He said all entitlements due to the affected workers will be paid to them.

Another source with knowledge of the matter said it would not be good for the affected staff to remain in the system because they would hinder the progress of others.

“Those who failed can’t be promoted because if they are, other low and middle level employees would not rise. We want progression and not stagnation,” the source said.

But another experienced official in the corporation said the rationale behind the exercise may be financial rather than administrative.

Between 2015 and 2017, the corporation recorded N267 billion losses with personnel salaries, pension and gratuity of staff including those in its subsidiaries taking the largest chunk of its expenses.

“But it has gone down (N82 billion as at July) because of what we are doing to reduce the cost of running this place,” the source said adding that there has been deliberate policy to cut the cost of running the corporation.
Most people are retiring and we are not replacing them. Before the end of this year a lot of people will be retired. Next year will be worse. A lot of people will clear out of this place,” the source said.

Meanwhile, NNPC Group Managing Director, Dr. Maikanti Baru has said that corporation would deploy cutting-edge technology to enhance its operations and maximize value across its businesses value-chain.

Baru disclosed this while speaking at a Global Business Leaders Panel Session on the sidelines of the 21st Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), held in Abu Dhabi, United Arab Emirates, yesterday.
https://l.?u=https%3A%2F%2Fwww.dailytrust.com.ng%2Fnnpc-fires-over-80-senior-staff-for-failing-promotion-exams.html&h=AT03MQ8oI_6xsqtApreSV3nE7_nFe7bAX56vpNZeFJi8K8pQfcDfXgNZAt7ekS8QOSXJV63d1N2xXybLewkpfr36EJoHUzZByNZFF3f-EfZ93Gk4-2O4ww6AHHmEZbq0Nh8&s=1

benue is in need of spiritual cleansing from cultism ,this is how these cultists killed a young guy weeks after his bar finals.

seunny4lif:
Have you ever see Jesus before? Or did you know Jesus? Is he black or white or Arab?
Whiteman brought something for you and you don’t question.
South east Asia countries don’t believe in Jesus and their countries are doing fine.
What’s happening in your own country?

in our darling country churches out number factories and companies

Tarnishing the reputation of a dead man in order to justify your barbarism,if he wanted to aide the killer herdsmen something which is highly unlikely considering the fact that he wasn't even a Fulani man by tribe but a citizen of borno state he would have ordered soldiers under his command to that sort of thing.
He was a general by virtue of his rank and position he capable of leading a division which comprises of nothing less than ten thousand men, there was absolutely no reason for him to get hands dirty by directly aiding those killer herdsmen .
i wouldn't be surprised if this disgraceful propaganda is coming from the camp of the devil incarnate himself in the person of Jonah jang whose hatred for adherents of the Islamic faith is well known.

thesicilian:
I can list over 20 Nigerian men (my humble self inclusive) who are more handsome than this guy.

never underestimate the power of public relations my brother

kunle75:
I was about saying this too.
This aboki without formal education has joined the army and will soon be lobbying for posting to lagos and porth harcout for juicy area and will end up causing serious havoc

they went a thorough vetting process which included them presenting their school leavers certificate just because they are from the north doesn't make them illiterates that have never seen the forewalls of a class room.

Dpharisee:
Now they wont be posted back to Sambisa to fight their kinsmen in Boko Haram but to the Niger Delta to go and make money, while their counterparts from Abia and Bayelsa will be sent to go and confront Boko Haram who speak Hausa and Kanuri and get killed like animals

Be rest assured that most of them will be posted to North eastern part of the country to combat terror since most of them are native to the region and understand the terrain.

AdonaiAluminium:
The plan is working,.. Populate the army with northerners, before you know what is happening, they"ve become officers.

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oga if one wants to become an officer in the army he will have to apply for the admission into the Nigerian defense academy, where after 5 years of rigorous academic and military training he will be commissioned as an officer.
These guys went to the depot where they received 6 months of training as combatants the highest rank they can attain is that of a warrant officer not one amongst them will reach the rank of a officer not to talk of a general try research before type thank you.

She was 5 years older than me,it was back in 2011 when we met to be honest she was one of the best I have ever had. She left Nigeria and that was how the relationship ended

Hope it's Al barnawi 's boys that the army attacked because they are far much more dangerous than shekau 's faction

MiddleDimension:
our fears have been confirmed.
first ever picture of Nigeria's 枭龙 (JF-17) the plane is customized in camo

and who is the air force chief below?

That is guy man dele amosun

it is obvious that Mr usman has greased abba kyari 's hands with some dollar mints

Imortal001:
OK, Igede people of benue state will not do this. am very sure of that!

only the rat eaters will engage in such acts�