AK481:
Too late .

They made a huge mistake ejecting themselves out of Nigerian market at the early stage and handing over the money to mtn

udoka2013:
I am from Ogbomoso to be precise, if you don't know. Yoruba parlance says ' a bastard points, with a left hand his father's house'. Which state are you truly from? You can't tell me you are from Lagos state. There is no need to insult other tribe for no reason. Have a nice time.

Nbotee:
Econet?

Fmghewzy:



Think before typing,not Everytime all those savages response you assume in your heads really makes sense when said.

Judgesledge:
Thanks for the advice bro, best attitude is never join in tribal debates, cause nobody ever wins, rather pushes negative energy

careidon:
Most need to find out what really happened to Econet

Below is the guy's story...

"I had the privilege of making Nigeria’s first GSM phone call back in 2001 when I called the regulator to say, “We’re live!” Who would’ve believed then that Nigeria today would have more than 167 million mobile phones?!

It all started out as a very exciting new chapter for enterprise in Africa. Shortly after President Obasanjo was elected, the new government announced an incredibly transparent international auction process for three national mobile phone licenses.

To participate in the bid, you not only had to raise money, but there had to be a member of the bidding consortium who was an experienced GSM operator. Econet Wireless met the requirements because of its experience in Zimbabwe and Botswana. Our Nigerian partners, which included state governments, local banks and high net worth individuals, were financial investors. The largest shareholder had only 10%. That was the written agreement.

I managed to assemble a consortium of 22 investors to put up the money needed to bid. Our shareholders were all Nigerian, mostly institutional investors including leading banks and two state governments, Lagos State and Delta State. The license cost us $285m and was the most expensive license ever issued in Africa at the time. This was 2001.

We considered the investment not only about putting together a network, but also about building a nation. We knew it had the potential to transform Nigeria’s entire business and social architecture.

Most of our investors had between 1-10% shareholding. Econet Wireless Nigeria had only 5% of the shares, but that was fine because it was 5% ownership of a very big pie.

As the “technical partner and operator,” Econet was the company with the expertise to build and operate such a business. Our financial investors recognised this, and also allowed us to receive 3% of the turnover as our fees. This was standard practice in the industry.

We were one of the winning bidders and they gave us just six months to set up business and get our network operating. We were under a lot of pressure but our network was live two days before the others! Customers were pouring in. We were number one in the market with an estimated 57% market share.

___Then came the fateful day when I was told that our company must pay a total of $9m in bribes to senior politicians (in state government) who had facilitated the raising of the money to pay for the license.

I refused to authorise the illegal payments. Meeting after meeting was held to try to get me to agree, but I would not. The money would not be paid as long as Econet was the operator and I had signing authority.

James Ibori, the Governor of Delta State, was demanding $4,5m be paid to him in his personal capacity. He was one of the most powerful men in the country and had a reputation for violence. When he heard that I was refusing to approve payment he issued an ultimatum:

___”Pay or I will chase you and your people out of the country.”

I refused.

The shareholders met and voted Econet Wireless Nigeria out of management. They cancelled our management contract. James Ibori and his colleagues personally attended the meeting to remove us. After the meeting one of them (a prominent local businessman even today) came up to me and said: “Unfortunately for you, God does not have a vote.”

I had to withdraw all my staff and their families: 200 people in all. We left Nigeria.

Most of our people had to be retrenched. The loss of the contract almost drove us to bankruptcy as a group.

They invited a big international operator to replace us as technical partner and operator. They changed the name of the company from Econet to V-Mobile.

Within days of their arrival, the managers of the new operator signed off the payments demanded as bribes.

Then what happened?

A few noble Nigerians had both the integrity and courage to carefully collect all the documentation on the movement of the money, and pass it all on to me.

___There’s a saying worth remembering in uncovering the trail of destruction that is corruption: “Follow the money”…

I bided my time… then I wrote a letter to the United States Department of Justice!

It was 2003."

To be continued…"

The post, which is only one in a five-part story, from Facebook

loopman:




You Ibos are always trigger about lagos for no just reason

Udoka lati ogbomosho, agbole ibo ipanrimpaku baba e ni ogbomosho

Omo ale olofo

EVILFOREST:
Meanwhile d MILITANCY/ KIDNAPPING in RIVERS state and NIger Delta is busy chasing away investors.
RIVERINE people neva realize wetin dem do demselves.
People graduate in a lucrative state like RIVERS state and travel to LAGOS in search of jobs.
In Rivers, Militants are enthroned to d sacred seats of Traditional position. Dey have boys armed to d teeth.
Governors issue dem certificate as 1st class chiefs.
Meanwhile see MC OLUOMO, controlling his boys, educating them on the rudiments of investment.
Even as small as LAGOS is, every company that enters Nigeria today wuld want to attach demselves somewia even if it is under d THIRD MAINLAND bridge.
LAGOS remains one of the safest states despite its overpopulation. They accommodate a lot.
PEOPLE drive flashy cars in Lagos freely but you can never try that in Rivers, Bayelsa or Delta state.

udoka2013:
Is like you are a stranger or probably an Indomie generation . My present senator is bearing Fatai Buhari and he is original Omo Ogbomoso. We are in a country where you don't judge by name. I am from Osupa but will not tell you the Ile bcus this is public forum. Finally if you see me in person you will know that it is baba e ni omo ale olofo. Ode ni e!

loopman:


Ode ni baba ati ashewo n’to pe ni iya e

EVILFOREST:
Meanwhile d MILITANCY/ KIDNAPPING in RIVERS state and NIger Delta is busy chasing away investors.
RIVERINE people neva realize wetin dem do demselves.
People graduate in a lucrative state like RIVERS state and travel to LAGOS in search of jobs.
In Rivers, Militants are enthroned to d sacred seats of Traditional position. Dey have boys armed to d teeth.
Governors issue dem certificate as 1st class chiefs.
Meanwhile see MC OLUOMO, controlling his boys, educating them on the rudiments of investment.
Even as small as LAGOS is, every company that enters Nigeria today wuld want to attach demselves somewia even if it is under d THIRD MAINLAND bridge.
LAGOS remains one of the safest states despite its overpopulation. They accommodate a lot.
PEOPLE drive flashy cars in Lagos freely but you can never try that in Rivers, Bayelsa or Delta state.

udoka2013:
There is no need to argue with you anymore but the only thing I want to tell you is that, Baba and Iya which you mentioned will continue to hunt you all around even in your sleep because you called oku orun with your own mouth and so shall it be. Matter closed.

obynzo:


Can you stop being stupid with your replies, Hoodlums that were clearly Yoruba boys that unleashed mayhem following end SARS protest you now say it is NK that organized them. Bro have conscience and stop taking peanuts to destroy a fellow human being

Odidigboigbo:
Do u really know the meaning of Data centre? Does Glo and Etisalat has Data centre? Where is it located, I want to know

Birchi33:

All the people leading the protest, calling NCownu live then, are Yoruba boys...even the live conversation when your Cownu say they will destroy Lagos was doctored by Yoruba boys...
Stupid somebody like you

EcoBrick:


https://punchng.com/econet-begins-construction-of-100m-data-centre-in-lagos/