Investors Cry Out, Say Over N50bn EMIS Telecoms Funds Trapped In FCMB
Some investors have cried out that their funds have been trapped in the First City Monument Bank (FCMB), for several years, a development they said, could discourage foreign investors from being attracted to Nigeria. They alleged that the trapped funds as at 2025, was worth over N50 billion Naira, thereby calling on relevant government agencies to intervene and secure their investments, to boost confidence of foreign investors. In a statement made available to newsmen, two of EMIS’ US based investors; Mr. Alphonsus Ayetin and Mr. Phillip Njowusi, both confirmed that the total debt owed to EMIS by FCMB to date, is in excess of fifty billion Naira. In the statement titled, "Justice Delayed Is Investment Denied: A Diaspora Dream Betrayed in Nigeria", they said, "In 1994, after more than two decades in the United States working at world-class firms such as Rockwell International and Northrop Grumman Corporation, Nigerian-American entrepr...