…How Adrian Woods was edged out
…Buhari approved the N25b buyback fraud at AMCON
…Set to Aquire Arik, Aero

The son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON. The versatile and productive former AMCON Boss, Chike Obi was removed by Buhari in 2015 for a reason. Don’t forget Funtua’s son is married to Buhari’s daughter. President Buhari approved the monument fraud perpetrated by Kuru and Funtua. It is pertinent to note that no transaction goes through NCC AMCON and CBN without the presidency’s approval. The Buhari family today has substantial interest in both Keystone and Etisalat (9Mobile)

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. President Buhari prevailed on Kuru to by pass the Board.

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 by Buhari 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 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 curious 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.

Once Teleology was announced as the preferred winner the Funtua Group edged Adrian Woods out of Management and turned him to an Insignificant Shareholder. 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. Teleology Nigeria then replaced Teleology Holdings to remove any influence of Adrian Woods from 9-Mobile totally.

The President then coerced NCC to approve the sale at all cost without meeting 90% of the conditions set up ab-initio by the NCC. The President then ordered CBN to force the Bank to the table and waive their own conditions of sale of 9-Mobile to the Teleology Nigeria group.

Below are Funtua, Woods Kuru and Buhari

By Orngu Anngu

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