Tech investor, Victor Asemota debunks Tinubu’s claim of bringing ECONET to Nigeria

He also revealed that “Econet was supposed to bring 40% of the license money and the technical know-how. We had the equity agreement as a shareholder, and technical services agreement as operator of the license. That 40% never came. It was excuse after excuse. We finally had to go back to the states.

“The initial structure we had proposed was for the licensed entity, Econet Wireless Nigeria (EWN) owned by FINL and the technical partner to own 60% of the operating entity Econet Wireless Mobile (EWM) and the remaining 40% coming into that entity from states like Delta and AKSG.”

Asemota revealed that when the 40% from the operator wasn’t coming and other shareholders were leveraged to the hilt, state governments were allowed in to buy secondaries from existing shareholders who had covered the initial $285m license fee they didn’t bargain for, which caused the Shareholders approached states.

That was the extent of the Lagos State involvement in the deal. His relative was the state governor and it made it easier for OANDO to convince them. Tinubu didn't even commit to Cybertel initially. Delta State and Oceanic saved ECONET. David Edevbie saved us all.

— Osaretin Victor Asemota (@asemota) May 31, 2022


He said OANDO was also a shareholder, stating that Wale Tinubu (Oando founder) got Lagos State to buy their secondaries and come in. “That was the extent of the Lagos State involvement in the deal. His relative was the state governor, and it made it easier for OANDO to convince them. Tinubu didn’t even commit to Cybertel initially. Delta State and Oceanic saved ECONET. David Edevbie Disagreeing with Tinubu’s claim, Victor Asemota, who also worked at Econet during its early days gave his account of how Econet Wireless came into Nigeria.

“Many of the new state governors were in town and came for the party. He got five of them into his bedroom and pitched a company called ‘CyberTel’, which was supposed to bid for a GSM license

“Only Delta State was very keen on it. The others told us that they would get back. Cybertel merged into the consortium called First Independent Networks Limited, which was started by Bolaji Balogun and his team at City Securities Limited. It was a harrowing period”.

He added that he had to travel to Delta and Akwa Ibom to ensure the commitment of the state as FINL was supposed to hold 60% of the license holding company, and 40% went to the foreign partner.

“We later selected a small company from Zimbabwe called Econet because we felt it was easier,” he said.



Speaking at the just concluded screening of presidential aspirants of the All Progressive Congress, Bola Ahmed Tinubu, former governor of Lagos State and party founder, claims to have played a role in building the telecoms industry in Nigeria by bringing Econet Wireless (now Airtel) to Nigeria.

However, tech investor, Victor Asemota has moved to debunk Tinubu’s claim, stating that Lagos State was only involved in its founding through the acquisition of secondary shares after much deliberations had taken place.

According to Asemota Tinubu didn’t even commit to Cybertel (Econet’s founding trading name in Nigeria) initially. until after Delta State, Oceanic and David Edevbie did the major work.

What Tinubu said at the screening
Highlighting his contribution to the development of the telecoms industry, Bola Ahmed Tinubu said “There are three highways in the development of a nation. If you have gas or supplying diesel, electricity transmission is also a highway and communication.

“I could remember that I brought Eron to this nation. Telecommunication is now a success today in Nigeria. I brought Econet. I helped them; they now want to adopt 5G; we started it.


“Nigeria is rich. The essence of our livelihood must be placed on short-term and medium-term values. They must produce values for us,”


He also revealed that “Econet was supposed to bring 40% of the license money and the technical know-how. We had the equity agreement as a shareholder, and technical services agreement as operator of the license. That 40% never came. It was excuse after excuse. We finally had to go back to the states.

“The initial structure we had proposed was for the licensed entity, Econet Wireless Nigeria (EWN) owned by FINL and the technical partner to own 60% of the operating entity Econet Wireless Mobile (EWM) and the remaining 40% coming into that entity from states like Delta and AKSG.”

Asemota revealed that when the 40% from the operator wasn’t coming and other shareholders were leveraged to the hilt, state governments were allowed in to buy secondaries from existing shareholders who had covered the initial $285m license fee they didn’t bargain for, which caused the Shareholders approached states.

That was the extent of the Lagos State involvement in the deal. His relative was the state governor and it made it easier for OANDO to convince them. Tinubu didn't even commit to Cybertel initially. Delta State and Oceanic saved ECONET. David Edevbie saved us all.

— Osaretin Victor Asemota (@asemota) May 31, 2022


https://www.google.com/amp/s/nairametrics.com/2022/06/01/tech-investor-victor-asemota-debunks-tinubus-claim-of-bringing-econet-to-nigeria/%3famp=1

Tinubu should stop lying

Yikes

Another one bursted.

Atiku 2023

Baba Tinubu , on your mandate till infinity. You got our support come rain come sunshine

Ok

It's not surprising, everything about the cocaine gobbler reeks of Oluwole. He studied at Richard Daley College from 1969 to 1971 yet first traveled to the United States in 1975.

#Say no to Oluwole candidate
#Back to Iragbiji

Asiwaju Tinubu He is the governor with the best cabinet in his era and we are very sure that having a man like this as president means we will have capable hands at the helm of affairs, a win-win for Nigeria

Even to the extent of investing in their original shares as a secondary shareholder and having shared in the 60% holding of the company, Tinubu is vindicated.

In addition, the involvement of Wale Tinubu who is cousins to Jagaban also supports Tinubu’s claim as being involved in setting up of Econet in Nigeria.

Does Asemota realize that Jagaban also have have investments in Oando even before he became the governor of Lagos state?

Everything about this thief is lies upon lies, even his age is a lie. And this is a man most usêlèss youths are campaigning for to rule them,what a shame.

Asiwaju baba Seyi This mandate is yours and kadara will come to pass

Tinubu, Modern architect of Lasgidi is one of the greatest politician ever. As it stands, he is the most mentioned politician in Africa. Jaga Jaga Jaga ban Borgu

Jagaban is one of the greatest politician ever. As it stands, he is the most mentioned politician in Africa. This mandate is yours and kadara will come to pass

Asiwaju, the Lion of Bourdillon Jaga Jaga Jaga ban Borgu

Tinubu bots everywhere you go

Asiwaju of Nigeria You got our support come rain come sunshine

Jagaban Borgu , the most influential politician of this era.

Asiwaju of Nigeria , Jah bless the leader. The man that singlehandedly reformed policing in Lagos by bringing the RRS which has til today been the most equipped and best police division in the country. That is exactly why we are supporting this man

Jagaban , God bless you. No matter how bitter the enemies are, you will eventually triumph over theme even if they reach a million soul. Please advise children of hate not to hate on a man that God favors

Lion of Bourdillon , God bless you. No matter how bitter the enemies are, you will eventually triumph over theme even if they reach a million soul. The only governor that consistently challenged the federal powers in his era as governor. The man who took the FG to court and made sure he created LCDAs to make government closer to people which is what many states copied now. A forward thinker

Baba Tinubu , on your mandate forever. He is the governor with the best cabinet in his era and we are very sure that having a man like this as president means we will have capable hands at the helm of affairs, a win-win for Nigeria

Liar Jagaban Borgu.

gasparpisciotta:
Even to the extent of investing in their original shares as a secondary shareholder and having shared in the 60% holding of the company, Tinubu is vindicated.

In addition, the involvement of Wale Tinubu who is cousins to Jagaban also supports Tinubu’s claim as being involved in setting up of Econet in Nigeria.

Does Asemota realize that Jagaban also have have investments in Oando even before he became the governor of Lagos state?

He had no shares in Oando then, O & O was set up in the mid 1990’s by Jite Okoloko, Wale Tinubu, cannot remember the third guys name right now, it was set up when Tinubu was in exile.

Wale Tinubu was not even the principal shareholder then, he took control of the company 2004 after his cousin used Lagos State money to acquire shares in it.

Asiwaju of Nigeria , these political neophytes can't lace Jagaban shoes.

Asiwaju makers of men , God bless you. No matter how bitter the enemies are, you will eventually triumph over theme even if they reach a million soul.

Asiwaju makers of men , children of hate and perdition will soon start gnashing their teeth now.

Tinubu . This man is just everywhere you go. Again, jagaban till eternity

Jagaban makers of men , God bless you. No matter how bitter the enemies are, you will eventually triumph over them even if they reach a million soul. Please advise children of hate not to hate on a man that God favors

politicians should cessation resting

Bursted

Asiwaju makers of men ,Jah continue to bless you. No matter how much the weapon your enemies fashion against you, you'll eventually win over them. Again, jagaban till eternity