Investigation have revealed that Teleology Holdings Nigeria Limited, which recently acquired Etisalat under shady circumstances is front for dubious Nigerian forex round-tripper, Mallam Isa Funtua, and his son, Abubakar, took their shady deals to Uganda where they were not only chased out but described as “fraudsters”,
To launder millions of United States dollars made from scandalous forex and other shady deals in Nigeria.
Sources in Kampala disclosed that, despite the obvious deficiencies of Teleology Holding’s bid, in October 2018, to please President Buhari, President Museveni caved in. Teleology was announced the winner of the bid to take over UTL.
According to a report of the Financial Intelligence Authority (FIA), the Ugandan government agency vested with the powers to investigate contracts and prevent money laundering, The FIA report was signed by its Executive Director, Sydney Asubo, and dated May 25, 2018 said.
“While Teleology Holdings failed to pay the required $60million to finally take over the Ugandan State-owned Telco, a report carried out by the Ugandan Government’s Financial Intelligence Authority, FIA, described Teleology as “a company with no clear source of funding and ownership.”
On April 17, 2019, Ugandan State Minister for Investment Evelyn Anite said they realized that the deal was given to fraudsters and the search for genuine investors was on.
Minister Anite who described Teleology Holdings as “fraudsters”, said it was based on a report which linked the company to the Funtuas who are notorious for Forex scam, and using Aliga, a Ugandan, as a front.
“What happens with UTL? Like you know Kisanja Hakuna Mchezo (term for serious business), and you know Anite. I told them these are quack investors and it has come to the fore that they are quack investors. We’re back on the drawing board to get a proper investor,” noted the minister.
“One thing I can promise you and promise my president is that; we shall not betray our country to get quack investors or surrender our resources to fake people. That we’ll not do”, added the minister.
“Although Teleology Holdings Limited submitted the highest bid, it was revealed by the FIA that they had no proper record of books of accounts, had no money to Invest, no experience in the telecom business and it was only a Special Purpose Vehicle created with a sole aim of acquiring shares in Uganda Telecom. Indeed, my fears were vindicated because up to the present, this shell company has never brought a coin to invest in UTL,” she declared.
“In Uganda, Aliga is known within government circles as a man with questionable character who fronts for corrupt Nigerian politicians. His source of wealth is unknown to Ugandans.
“We have also established that Teleology Holdings Ltd. owns 50% of the shares of Teleology Uganda Ltd. which was incorporated in Uganda on April 17, 2018, as a company limited by shares.
There are no records of Teleology Holdings Ltd’s previous business operations and financial records. In addition, the company’s funding sources are not clear.
“This is time to call a spade a spade, since the EFCC are lenient with fraud under Buhari and have towed the path of aiding and abating corruption in Nigeria, we are calling on Interpol and the sister international agencies to continue their good works” Chief Kalu concluded.