Buhari orders probe as controversies trial acquisitions of 9mobile, Keystone

President Muhammadu Buhari may have ordered a discreet probe into the acquisition of Etisalat, now 9mobile and Keystone Bank by Alhaji Isa Funtua, a close friend of the President, via the instrumentality of Asset Management Corporation of Nigeria (AMCON), National Daily has gathered.

Recall that Presidential candidate of the Peoples’ Democratic Party, Alhaji Atiku Abubakar, had last week called for the probe of the sales of the two companies alleging that the company was fraudulently bought by family members of the President.

A highly placed source at the headquarters of the Economic and financial crimes Commission, EFCC on Wednesday said 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, and federal ministry of Justice to look into the allegations.

The source further added that, both Isa Funtua, Ahmed Kuru who is the CEO of AMCON and the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele and management Staff of the Keystone Bank and 9Mobile will be quizzed by the operatives of the EFCC for some interactions.

According to the sources, 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.

The sources alleged that 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.

One of the sources who craved for anonymity said 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.

Recall that Teleology Holdings, the preferred winner for Etisalat couldn’t take over the telecom firm because it failed to meet one of the conditions which was it lacked of a qualified Operator to support the bid. So, it has to team up with Funtua Group.

It was learnt that immediately Teleology was announced as the preferred winner, the Funtua Group edged Adrian Woods out of Management and turned him to an Insignificant Shareholder.

It was also alleged that as part of the grand plans to acquire the telecom firm, Is Funtua, through the Funtua Group raided Keystone Bank again and forced the Bank to Pay $50 million as down payment for the acquisition of 9-Mobile. And another $260 million was sourced from African Exim Bank to complete the deal.

According to findings, Funtua Group was alleged to have force the board of NCC to approve the sale through the influence and pressure from the Presidency.