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Some investors have raised alarm that over N50 billion belonging to EMIS Telecoms has been tied up in the First City Monument Bank (FCMB) for several years, a situation they warned could deter foreign investment in Nigeria.
In a statement, two US-based investors, Mr. Alphonsus Ayetin and Mr. Phillip Njowusi, said the bank owes EMIS more than fifty billion naira.
They urged government agencies to intervene and safeguard the funds to restore investor confidence.
The investors recounted that EMIS Telecoms was founded by Nigerian-American entrepreneur Emeka Onwuegbuzia in 1994, after years of working in top US firms.
The company quickly gained subscribers, but its plan to expand through a $5 million loan from AFREXIM ran into trouble when FCMB acted as guarantor.
According to the statement, FCMB wired the entire loan to the Canadian equipment supplier despite unmet conditions, and no equipment was delivered.
Regulatory investigations later found FCMB had breached foreign exchange rules and acted in “utmost bad faith,” yet enforcement stalled.
The EFCC confirmed that EMIS was defrauded and recommended prosecution for conspiracy, fraud, and corporate negligence.
Presidential directives in subsequent administrations failed to resolve the issue, and a final meeting scheduled for May 2025 was postponed indefinitely.
The prolonged dispute reportedly took a heavy toll on the EMIS founder.
Mr. Onwuegbuzia died in February 2021 following health complications, with his wife passing away less than two years later, leaving behind unpaid staff and investors still waiting for redress.
When contacted, EMIS Company Secretary, Chidozie Nwandu, confirmed the funds remain withheld at FCMB.
Efforts to reach FCMB’s Corporate Affairs Manager, Rafiu Mohammed, for comment were unsuccessful, as calls and messages went unanswered.
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