Obasanjo has disclosed how his administration turned a near $3 million telecom giveaway into a $280 million auction, revolutionizing Nigeria’s telecom industry. Abdulsalami Abubakar’s deal could have cost Nigeria billions in future earnings.
Former President Olusegun Obasanjo has revealed how Nigeria almost lost out on a lucrative $280 million telecommunications deal during the country’s shift from landlines to mobile phones, a near-miss he attributes to former military Head of State, General Abdulsalami Abubakar (retd). According to Obasanjo, Abdulsalami was on the verge of awarding the country’s telecom rights to a close associate for a mere $3 million, which could have deprived Nigeria of significant revenue.
Speaking at the launch of a book titled “The Catalyst: Nigerian ICT Evolution through a Journalist’s Lens” by Dayo Oketola, the former president detailed how his administration intervened to auction the telecom licenses to the highest bidders. This decision led to a $280 million windfall for Nigeria, a vast improvement from the original $3 million deal proposed by Abdulsalami’s administration.
Obasanjo emphasized how crucial it was for Nigeria to avoid “giving away” such an important national asset. “My predecessor was trying to hand over the telecom license for $3 million, but we saw an opportunity to auction it,” he explained. “We ended up with $280 million from the first three telecom companies that competed for the license.”
This bold move not only brought in much-needed funds but also introduced competition into Nigeria’s telecom sector, which eventually led to the growth of companies like MTN, Glo, and Airtel, revolutionizing the country’s communications landscape. Later, when Etisalat (now 9Mobile) entered the market, they paid $450 million for their license, setting another milestone in Nigeria’s telecom evolution.
Obasanjo’s intervention was a pivotal moment in Nigerian economic history, showcasing how transparency and competition could lead to significant financial gains. He further emphasized that opportunities like this still exist today, but they require strong leadership, honesty, and a conducive environment to attract foreign investments.
The event, held in Lagos, was graced by prominent personalities, including Minister of Information and National Orientation, Alhaji Mohammed Idris, former Governor of Rivers State, Rotimi Amaechi, and notable figures from the media industry. The book’s author, Dayo Oketola, was praised for documenting the remarkable evolution of Nigeria’s ICT sector.
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