The solicitors to the firm, J. A. Achimugu and Co. and Dr. Reuben Atabo and Co, said by virtue of the judgement it received Last Friday, the transition board appointed to oversee the sale of the company had been nullified and the order appointing the board vacated.
Spectrum Wireless is also demanding a refund of its initial investment of $35m in Etisalat Nigeria.
The solicitors warned that any institution or company that transacted business for the purpose of the sale or acquisition of 9mobile did so at their own risk.
“My client wants his money back,” one of the solicitors, Atabo said while speaking with journalists at a press briefing in Lagos on Sunday.
Atabo claimed that the $1.2bn loan secured by Etisalat was shrouded in secrecy as Spectrum Wireless was not aware of it.
He said findings showed that about $100m investment from Spectrum Wireless and three other non-bank investors was used to build infrastructure that some directors in the company used as collateral for the $1.2bn loan.
Atabo stated, “Our client and three other investors put in about $100m as of 2009. The $100m was used in providing infrastructure for the company. It was this infrastructure that gave EMTS the opportunity to go to the banks to obtain the loan of $1.2bn. Is it proper for United Capital not to recognise the original investor when they got the loan?
“We have written series of letters to the Nigerian Communications Commission as the regulating body conveying to them our investment and the need for them to come to our aid. They always tell us they are investigating for the past five to six years.
“Assuming they go ahead with the sale, we will not be recognised at all. It is better the issue is sorted out before the sale is completed.”
Following the inability to the resolve a loan of about $1.2bn obtained from a consortium of 13 Nigerian banks under the auspices of United Capital Trustees Limited, the Etisalat Group of United Arab Emirates withdrew its 45 per cent stake in the company.
As a result of the pulling out its business and brand name from Nigeria, a change of name from Etisalat to 9mobile was effected.
However, through the intervention of the NCC and the CBN, the takeover of the company by the consortium of banks was prevented and a board was put in place to see to the sale of the company.
Finally We See Where All The Abacha Money Went To
Maybe the answers lie in the questions themselves, we see where Abacha’s stolen money is hidden, behind proxy investments in seemingly legal companies. The high court has ruled in favour of Spectrum Wireless which claims that their investment in the company must be paid back in full. They also claimed that they haven’t received any returns on investment since their investment in 2009.
We await karma to take its full blown course.
Can EFCC Ask M.A Where He Got 90 Million
Dear EFCC, let us pretend you haven’t been following this 9mobile (Etisalat Nigeria gist). Because if you have, you would have started an investigation into how Mohammed Abacha got 90 million dollars to invest in telecommunication. Well, we know the answer and we’ve decided to help blow the whistle, that’s some of the money his father Sani Abacha stole from us under forced rulership.
The court has ruled in his favour a nullifying the appointment of an interim board for the company. He hides behind Spectrum Wireless which is an indirect investor. What this means is that the sale of the company originally slated for something in January can’t proceed till Mohammed Abacha gets back 90 million Dollars of our Nigerian money his father looted. If this isn’t us blowing his whistle, then this is a call for EFCC to do the needful. That money will definitely do us some good.
Should Etisalat Be Paying Mohammed Abacha or The Bank
It is a rather surprising development, this Etisalat debt repayment business involving Mohammed Abacha(Spectrum Wireless) and 13 other banks. Why an individual, whose claim to such a vast income is borderline questionable, to begin with, thinks they rank higher than a bank, which is a legal financial entity in this matter is baffling. Nevermind that only the banks directly invested in Etisalat. There is no record of Mohammed Abacha directly investing in the company, and all evidence so far doesn’t show any such ties, as Spectrum Wireless wasn’t even listed on the investors’ list released. Insisting that Etisalat pays him first before the sale of the company which can generate funds to repay the 13 other banks is a display of misplaced bravado and privilege.
These banks, are legal entities running on the monies of millions of customers, entered a direct deal with Etisalat. This automatically makes them first pick when it comes to whose money should be refunded first. It also makes sense to do that before, if at all, considering any proxy investor trying to use whatever might they may have to force decisions to suit them.
We think Mohammed Abacha should rather be investigated to ascertain how he came about such vast wealth to loan someone – or invest via proxy, we’re not sure. Due process must be followed and must be seen to have been followed in this matter. We await with our fingers crossed.