Investors raise concerns over EMIS Telecoms funds held at FCMB
Some investors have expressed concerns over delayed access to funds connected to EMIS Telecoms at First City Monument Bank (FCMB), a situation they say has persisted for several years and could influence investor confidence in Nigeria.
According to a statement released by two US-based investors, Mr. Alphonsus Ayetin and Mr. Phillip Njowusi, the total amount involved exceeds N50 billion as of 2025.
Source: Original
Historical context of EMIS Telecoms
The statement highlights the story of Nigerian-American entrepreneur Emeka Onwuegbuzia, who returned to Nigeria in 1994 to establish EM-International Systems (EMIS Telecoms), a fixed wireless telecom company. The company quickly gained subscribers in Lagos during a period when reliable phone services were limited.
EMIS sought financing from the African Export-Import Bank (AFREXIM) through a local correspondent bank, identified as FCMB, to expand its network and procure equipment from a Canadian supplier. The investors noted that processes around the funding and disbursement of the loan took several years to resolve.
Steps taken by regulators
The statement references reports and findings from the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), which reviewed the transactions and highlighted procedural issues.
The investors noted that government and regulatory authorities had been engaged to provide guidance and support to facilitate resolution. Meetings were reportedly held between the parties and relevant offices in 2024 and 2025 to review the situation, although further follow-up was pending.
Impact on stakeholders
The statement further describes that the delayed resolution had a significant effect on the founder of EMIS Telecoms and his family. The investors emphasised the importance of timely and structured mechanisms to support investment, particularly from diaspora partners seeking to contribute to national development.
EMIS Company Secretary, Chidozie Nwandu, confirmed the existence of the funds and said the company would provide an official media brief on the matter.
Efforts to reach FCMB’s Corporate Affairs/Media Relations Manager, Rafiu Mohammed, for comments were unsuccessful at the time of filing.
Source: Legit.ng
