“Abachas Son Mohammed Cries Out As He Is About To Loose The ₦32Billion He Invested In 9Mobile” – Nigerians React “Where Did You See ₦32B?”

January 19, 2018 2:15 pm

An investor, Spectrum Wireless Communication which is reportedly owned by Mohammed Abacha the Son of Late Nigerian Dictator Sani Abacha has warned buyers against the purchase of sale of 9mobile Because he is currently been owed $90Million By 9Mobile.

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 Now Know Where All The Billions Abacha Stole Went!!!

The Number One Question Every Nigerian Is Asking Is: Where Did Mohammed Abacha See $90Million (₦32Billion?)

According to reliable sources Out of the $100Million, Spectrum Wireless which is reportedly owned by Mohammed Abacha brought $90Million (N32Billion) and the 3 other non bank investors brought $10million, So Basically While we were busy crying about the economic recession in the country, some of our money from Abacha’s loot was chilling in an investment made by his son Mohammed Abacha. As a proxy investor in the telecommunication company, 9mobile (formerly Etisalat Nigeria), Mohammed Abacha has $90 million hanging somewhere as an investment by Spectrum Wireless Communication. So the questions we would like to ask are, where did he get that money from? What businesses does he run? Is this not part of the money looted by his father that has left Nigeria in its current state? Why is a federal high court backing him, what other companies have been helping the Abachas launder looted Nigerian funds? Should Spectrum Wireless not be under investigation as well?

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.

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