Econet was the first commercial GSM operator
in Nigeria and commenced operation in 2001.
A lot of Nigerians know that the company
called Airtel today has changed name a
number of times in the past but not many
people realize there’s a can of worms behind
the troubles Econet Wireless faced before
leaving the country. From Econet Wireless to
V-Mobile, the company changed hands and
become Celtel.

Strive Masiyiwa, London-based Zimbabwean businessman, founder and executive chairman of diversified International telecommunications group
Econet Wireless, has these to say of Akwa Ibom past administration.
**********


The state government of Akwa Ibom held 15%
of the equity in Econet Wireless Nigeria. This
state was not one of the original investors but
joined us later.
After five years, the governor of the state of
Akwa Ibom decided to sell its stake. It had
more than doubled in value in dollar terms,
which meant it had been a good investment.
The state governor, an elderly gentleman
called Victor Attah, sent a message through a
friend that he wanted to see me in London to
find out if I was interested in exercising
Econet’s right to buy its shares. I agreed to
meet him in London.
"I want to sell the shares to build an airport
before I leave office," the governor explained.
The governor was accompanied to the meeting
by a British lawyer who sat quietly taking
notes. His name was Bhadresh Gohil.
With a wave of his hand, the governor said,
"Mr Gohil is our legal advisor here in London.
I have instructed him to handle all our
negotiations with you."
The meeting did not last more than 30
minutes, as the governor was on his way to
catch a flight to the U.S.
We agreed with Mr Gohil that we would meet
with my own advisors a few days later to start
the process.
A few days later, I went to his office with a
professional banker who advised me on such
transactions. We met in the lawyer's plush
London offices. He was confident and smooth-
spoken as he explained how much we were
expected to pay. Then he explained that our
money was to go to a "Special Purpose
Vehicle" (SPV) before it was transferred to
Nigeria. It was a sophisticated structure and
he showed me a drawing of how it would
work. I wrote it all down very carefully into my
notebook.

___Such corporate
entities as SPVs can definitely have legitimate
purposes, but this one did not! As I quizzed
him about why such an unusual structure was
necessary, Mr Gohil changed tact and tried to
entice me with an offer I could not refuse (or
so he hoped): "I'm also the advisor to the
governor of Delta State, Mr James Ibori, and if
you agree to pay for these shares using this
structure, we will offer you shares belonging
to all the state governments. In total, you can
have more than 30% additional shares. It will
be enough to take control of the company. My
clients just want out, and they are willing to
give you what you have always wanted." I
listened to him, quietly taking notes in my
small notebook. I did not give away anything,
but inside I was very angry. From the design
of the structure, I knew immediately that it
was meant to siphon off money before it
reached the state governments. It was clear
there was a conspiracy to steal a lot of
money. ___Having already pocketed $13.5m,
now the government officials could easily
pocket probably another $100m through the
sale process that they had developed with the
help of Mr Gohil and other clever advisors in
London! When I left the meeting I immediately
contacted the mutual friend who'd set up the
governor's meeting. The friend was so
embarrassed as I explained the corrupt
structure clearly designed to steal money from
the state governments. He promised to raise
the issue with Governor Victor Attah. A few
days later he came back and said Governor
Attah had claimed ignorance about the
proposal put to me by Mr Gohil. He said he
would speak to Mr Gohil and tell him it had to
be done properly without the structures. We
never heard from them again. Mr Gohil simply
vanished. A few months later we were told
that the shares had been offered to a
company from the Middle East who
subsequently bought them. I was not privy to
how they did it except that they had violated
my right to buy the shares... That is another
chapter in the saga, but not for now. Fast-
forward three years, long after the sale. Our
lawyers in London called me one day and
asked if I could come urgently to a meeting
with the Proceeds of Corruption Unit of the
London Metropolitan Police: "You are not in
any trouble, but I think you will find what they
have to say very interesting!" This special unit
was launched by the British to investigate
corruption by foreign government officials who
try to launder stolen money to the U.S. and
the UK. The officers asked me to explain
everything I knew about the sale of V-Mobile
shares to Celtel (later Zain). I explained the
history of the entire transaction and the
shareholders disputes that had led to our
departure. After awhile, they asked me to
focus on specific events, and, in particular, my
meetings in London with the governor of Akwa
Ibom, and also the meetings with Mr Gohil. It
became clear to me that they had a lot of
information! "What can you tell us about this
structure, using a Special Purpose Vehicle?" I
explained my understanding of it. Later on, I
gave them my diary in which I had recorded
the details of my meeting that day with Mr
Gohil. Below my drawing of the structure, I
had written in bold letters:

"This is corrupt!!!" Not long after my meeting with the Proceeds of Corruption Unit, Mr Gohil was arrested together with one of his partners and several others. I later learned that when the Middle Eastern company bought the shares, some of the proceeds had been diverted using the Gohil structure. Some of the money was sent to a bank in London. This large amount of money was enough to alert the British authorities that money was being laundered through their banking system. Their investigations led them to Gohil and his associates. They raided his offices and found stashes of documents, including details of the structures. Now they were looking for witnesses to help prosecute them for corruption and money laundering. The British authorities tried without success to get other parties, including the governor of Akwa Ibom, to come out and clear their names but they refused. Officials of President Umaru Musa Yar'Aduah's government successfully thwarted all extradition requests. I was asked to be a witness in the trial of those who had been arrested in London. I willingly accepted. Next I will tell you about my role as a 'Witness to the Crown" on behalf of the people of Nigeria whose money had been stolen. It would be the first time that someone big went to jail (in a foreign country) for stealing money from Africans.

Source: https://m.facebook.com/496453373762496/photos/a.500176003390233.1073741828.496453373762496/919460661461763/?type=3&refid=17

********

Strive Masiyiwa (born 29 January 1961) is a
London-based Zimbabwean businessman,
entrepreneur, and philanthropist. He is the
founder and executive chairman of diversified
international telecommunications group
Econet Wireless .
He has won numerous accolades and gained
international recognition for his business
expertise and philanthropy, and is considered
one of Africa's most generous humanitarians.

Masiyiwa has used his wealth to provide
scholarships to over 100,000 young Africans
over the past 20 years through his family
foundation. He supports over 40,000 orphans
with educational initiatives, as well as
sponsoring students at universities in America,
The United Kingdom, and China.

https://en.m.wikipedia.org/wiki/Strive_Masiyiwa

Abadie

the same people and their cronies are piloting the affairs of APC in akwa ibom state.


APC, PDP, the same. Hope a time will come when politicians put away selfish interests and work for a common good

Attah was a thief. A big thief but now a leader of APC in akwa ibom.
He stole all d money left and ran away. God will reward u all

tempest01:
the same people and their cronies are piloting the affairs of APC in akwa ibom state.


APC, PDP, the same. Hope a time will come when politicians put away selfish interests and work for a common good

really hoping the so called agents of change, would begin fighting corruption, from within them