Under the fraudulent direction and guidance of the Governor of the Central Bank of Nigeria, Ismaila Isa Funtua and his son, Abubakar Isa Funtau, acquired Emerging Markets telecommunication Services Ltd. 9-mobile, formally known as Etisalat Nigeria Ltd through a fraudulent N17billion they got from the CBN, Pointblanknews.com investigations have revealed.
The Funtua group purchased Etisalat, despite not having met the conditions set by NCC, they edged out one Adrian Woods out of the management and turned him into an insignificant shareholder.
Investigations into the deal reveal the following that Mubadala Development Company, a subsidiary of United Arab Emirates Sovereign Wealth Fund, (major shareholders of Etisalat Nigeria) pulled out from Etisalat Nigeria sometime in May 2017.
Etisalat was indebted to a syndicate of about 13 Banks in Nigeria to the tune of $1,200,000,000.00.USD, $1.2billion (secured by shares of Etisalat) and could not meet its financial obligations to its creditors.
The Banks, according to investigations, attempted to take over Etisalat Nigeria and place the company under receivership but for Nigeria Communication Commission (NCC) and Central Bank of Nigeria (CBN) intervention, the old board was dissolved, and an interim board set up.
Investigations revealed that it was while the interim board was still in place that the shares of 9Mobile were transferred and kept under trusteeship with United Capital Trustees Ltd. The syndicate Banks also appointed Barclays Africa now ABSA group to help them oversee the sale of Etisalat Nigeria shares to new investors.
During the sale process, five major companies were selected among fifteen. They include Airtel Nigeria, Smile Nigeria, Teleology Nigeria Ltd, Globacom, and Helios Investment Partners. Out of the five companies shortlisted Teleology Nigeria Ltd emerged as the preferred bidder while Smile Nigeria Ltd became the reserved bidder.
Investigations reveal that the CBN Governor pressured the Nigerian Communications Commission, NCC, to approve the sale at all costs without meeting 90% of the conditions of the NCC. NCC board was coerced by the CBN Governor using maximum pressure on the excuse that Isa Funtua was of the presidency and that they should oblige.
Investigations reveal that at this point Teleology Nigeria Ltd was asked to pay a total sum of $301,100,000.00 USD, ($301.1million). Teleology Nigeria Ltd sourced the sum of $251, 100,000.00 USD from Afrexim Bank, while the balance of $50,000,000.00 was paid through their local account.
The critical question which beats one’s imagination is the voodoo method adopted by Godwin Emefiele to facilitate the sourcing of the $50,000,000.00 deposit paid by Teleology Nigeria Ltd. The investigation into this carefully crafted fraud will reveal the true ownership of 9-Mobile.
From our investigation, the $50,000,000.00 came from a N17 Billion release by CBN to Keystone Bank under a phony Commercial Agricultural Credit Scheme (CACS) lending. These funds were then used to procure $50,000,000.00 from the Bureau de change and subsequently transferred to CBN representing the initial deposit for 9-mobile.
According to findings, the $251,000,000.00 borrowed from Afrexim Bank was also guaranteed by the Central Bank of Nigeria. Indicating that Godwin Emefiele and his cohorts are the true owners of 9-mobile.
The transaction was closed, and the syndicating banks were paid their loans. Teleology Nigeria Ltd became the major shareholder of Emerging Markets Telecommunication Services Ltd also known as 9-mobile.
Investigations also reveal that 20% of 9-mobile was given to a company called Daima Telecoms Ltd. This made the duo of Teleology Nigeria ltd and Daima Telecoms Ltd to be the two major shareholders of 9mobile.
According to the investigation, the ownership structure of Teleology Nigeria Ltd as follows; Teleology Holdings Gibraltar 13% Teleology Logistics Services Nigeria Ltd 2%, Mohammed Edewor 10%, Seltix Nigeria Ltd 25%, Daima Telecoms Nigeria Ltd 20%, Daima Telecoms Africa 30%.
Findings reveal that Daima Telecoms Ltd is owned by the following entities; Daima Telecoms Africa (100% owned by Asega Aliga), Daima Telecoms Nigeria Ltd ( 99% owned by Asiga Aliga and 1% is owned by Felix Eshalome).
From intelligence gathered, Asega Aliga is the one controlling the affairs of 9-mobile. Intelligence also indicates that Mr. Asega Aliga, a Ugandan National, has no known source of livelihood prior to the time of this transaction in Nigeria, Uganda, and elsewhere. He is the main front for all transactions consummated by Isa Funtua and his son Abubakar Isa Funtua.
Asega Aliga is a Uganda-born, Nigerian-made business magnate.
He is part of the consortium of investors that formed Teleology Holdings Nigeria Limited (Read: Who Are The Investors Behind Teleology?).
Teleology was formed to buyout 9mobile Nigeria, formerly Etisalat Nigeria. Asega Aliga obtained an LLB in Law from the University of Daar Es Salaam in 1996.
The young man, who just started his 4th decade of life, started his career with a London-based financial services company, Smith & Williamson in the early 2000s.
Asega Aliga moved up the ranks in his career with different companies until eventually landing his first executive position as Chief Operating Officer for Barclays Middle East based in Dubai.
Asega Aliga was COO for Barclays Middle East for a very short while prior to being hired by Billionaire Banking Executive, Tony Elumelu, as Chief Operating Officer for United Capital; a position he held for less than a year, similar to his first executive position.
Asega Aliga moved on from United Capital to Bank PHB Capital as Chief Executive and later started his own investment firm, DMA capital. Since moving away from executive employment in 2010, Asega Aliga has moved on to broker and invest in several partnerships across West Africa, UAE, and East Africa.