By Achadu Gabriel, Kaduna
Some U.S.-based investors linked to EM-International Systems (EMIS Telecoms) have alleged that funds exceeding ₦50 billion remain tied up in accounts with First City Monument Bank (FCMB), raising concerns about investor confidence in Nigeria’s business environment.
In a statement made available to journalists, two investors, Alphonsus Ayetin and Phillip Njowusi, said the disputed funds relate to a financing arrangement originally intended to support the expansion of EMIS Telecoms in the 1990s.According to the statement, Nigerian-American entrepreneur Emeka Onwuegbuzia founded EMIS Telecoms in Lagos in 1994 to provide fixed wireless telecommunications services at a time of growing demand for reliable phone connectivity.
The investors said the company later sought a $5 million loan facility from the African Export-Import Bank (Afreximbank). They stated that the arrangement required FCMB to act as a local correspondent bank and guarantor for the financing.
They alleged that funds meant for telecommunications equipment and network expansion were transferred to a foreign supplier, but the project was never completed. The investors further cited reports they said were issued by the Central Bank of Nigeria and the Economic and Financial Crimes Commission regarding the transaction. The investors have called on relevant government agencies to review the matter and help resolve the dispute, which they say has remained unresolved for years.
Efforts to obtain comments from FCMB were unsuccessful as calls and messages sent to a bank representative were not returned as of the time of filing this report.
