Buckeyemedia1:
READ BELOW I BELIEVE THAT IS BOLA TINUBU.

Strive Masiyiwa, founder of Econet Wireless, took to social media to narrate the early days at Econet Nigeria, and spilled the details on what eventually drove the Econet team out of the country.

The first GSM operator in Nigeria, Econet Nigeria usually gets the butt end of jokes due to the multiple name changes, changes to management as well as rebranding campaigns we’ve seen over the years but we had no idea it had such a storied beginning, the kind that would make Shakespeare envious.

Reading through Strive’s post, on the one hand, it’s not really surprising. We’ve always sort of known that things like that take place. On the other hand, reading about the events from a major player feels like reading a political thriller. This is the stuff good movies are made of.

Let me show you:

In screenwriting, there’s a thing called the three-act story structure which divides a story into three parts, ie the Setup, the Confrontation and the Resolution (my creative writing teacher would be proud I still remember). Using that model, I’m going to summarise the story so far in this promised quintology.

The Setup

“I managed to assemble a consortium of 22 investors to put up the money needed to bid…. The license cost us $285m and was the most expensive license ever issued in Africa at the time. This was 2001.”

“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.”

The Confrontation

“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 authorize the illegal payments.”

“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.”

And the Resolution

I’d love to post that but maybe you should head on to Strive’s blog and find out for yourself.

Strive Masiyiwa keeps repeating this lie anywhere he goes that econet was the first GSM company to start operations in Nigeria. This is a pure lie. I was working in MTN then and we started operations two full weeks before econet started their own operations.

MrPristine:


Strive Masiyiwa keeps repeating this lie anywhere he goes that econet was the first GSM company to start operations in Nigeria. This is a pure lie. I was working in MTN then and we started operations two full weeks before econet started their own operations.

ECONET WAS THE FIRST BEFORE MTN... MY UNCLE GOT HIS OWN IMMEDIATELY ECONET STARTED...

Iwalk:


How do u know all dis?did u work with the two companies
Do u know who Bolaji Balogun is?
Most times Govt use an individual to seal deals
dont b sentiment get ur fact clear Oga
weda Tinubu or Osibanjo,i no fit vote for Atiku.

Yes I was a staff of MTN when they started operations in 2001 and later became a dealer of Econet in 2003 after I resigned from MTN. And yes I also know Bolaji Balogun very well and I am very conversant with the history of GSM in Nigeria.

sapientia:
He did bring them

It was just a bad deal

As for ECONET, he lied

He didn't bring them.
The deal was already on by 1998 which was before his government which started May 1999 but was finalized June 29th which was during his tenure.

rottennaija:


You have no provided any legitimate arguments. I don't know how enron got to Nigeria but you simply stated they were in Nigeria and bankrupt in 2001. So how did they get in?

Enron was never in Nigeria and I never said that they were. It was after the company got bankrupt and they were being liquidated that Lagos state Government bought one of their obsolete power plants. Enron itself never came to Nigeria and the company doesn't exist anymore. Tinubu was telling pure lies.

Mikolo70:

ECONET WAS THE FIRST BEFORE MTN... MY UNCLE GOT HIS OWN IMMEDIATELY ECONET STARTED...

That is 100% impossible, I was a staff of MTN and I know for a fact that we started selling our lines two weeks before econet started. What econet did then was just a ceremonial launch without any lines available to sell until after two weeks. In MTN we started sales the same day we launched our operations.

MrPristine:


That is 100% impossible, I was a staff of MTN and I know for a fact that we started selling our lines two weeks before econet started. What econet did then was just a ceremonial launch without any lines available to sell until after two weeks. In MTN we started sales the same day we launched our operations.

I'm telling the truth Bro... Google it please.

MrPristine:
In his characteristic manner, Tinubu made two statements that were pure lies at the screening of APC presidential aspirants yesterday, the first lie was that he brought Enron to Nigeria while the second lie is that he brought Econet to Nigeria.

While I won't accuse the geriatric of deliberately telling lies because of the obvious dementia symptoms that he has been exhibiting over the years, I will set the records straight.

Concerning Enron, after the company went bankrupt in 2001 some of their disused equipment were put of for sale. Lagos state government under the leadership of Tinubu without doing due diligence bought one of their old power plants.

This power plant was diesel powered, obsolete and very expensive to run and as a result of this they couldn't reach an agreement to integrate it into the national grid and it ended up being a wasted investment. It is dubious to claim that you brought a company that was already bankrupt to Nigeria just because you bought obsolete and disused equipment from them.

On the issue of Econet, Tinubu never played any role in bringing the company to Nigeria, the credit belongs to Bolaji Balogun and Strive Masyiwa who worked together to bring the company to Nigeria.

Lagos state government only invested in Econet after they got their operating license and needed funds to rollout. Delta state and a good number of other institutional investors also joined in investing in the company so it's very fraudulent for Tinubu to claim that he brought Econet to Nigeria just because Lagos state government joined others in investing in the company.

Even though I didn't expect any better given his questionable character, one would have expected that a man of his age and experience would not resort to obvious lies that can be easily exposed in his desperation to achieve his lifetime ambition.

If indeed he had any real achievements after his 23 years hegemony in Lagos state, he won't have had to resort to lies to market his presidential hallucinations. Let's all remain vigilant.

Cc: seun lalasticlala

Ode no eleyi sha.
Go and reserch on the past achievements of your governors and come here and lie about it.

helinues:
Oya tell us who brought those companies to Nigeria Mr Sabinus

Didn't you read the article?

Bola Tinubu’s Alpha Beta on N100b corruption case

Alpa Beta, a consultancy owned by Bola Tinubu, former Governor of Lagos State and National leader of the All Progressives Congress (APC), is at the centre of a N100billion fraud, tax evasion and money laundering petition written by Mr. Dapo Apara, its Managing Director/Chief Executive Officer.

According to Apara’s petition to the Economic and Financial Crimes Commission (EFCC), Alpha Beta “has become an avenue for official corruption of government officials, a conduit pipe for massive money laundering scheme, tax evasion, among other vices”.

In the petition, sent on his behalf by Adetunji Adegboyega ESG, his solicitors, Apara said: “Over the years the company is being protected and shielded by some powerful politicians and people in the society which made them to always boast of being untouchable, but our client, feeling the need not to keep quiet again and strengthened by his belief in the fact that the government of President Muhammadu Buhari is keen on fighting corruption, which has been the bane of our country, is of the firm belief that it’s time to expose and open the can of worms called ALPHABETA CONSULTING.

This is despite the fact that the company takes about N40b every month from the Lagos State Govt. as tax consultants...

Mikolo70:
I'm telling the truth Bro... Google it please.

I was an active part of the process and I witnessed it live myself, there is nothing to Google about what I personally witnessed and played a role in. Google will at best come up with fraudulent claims made by econet that they started first but this is a pure lie.

Sheuns:
Enron itself was a sham company that hid its debt books to deceive investors. The company was running at a loss for close to 10 years before it hit the rocks in 2001 when it’s stocks dropped to near zero. The Enron deal if he brought them was a bad and miscalculated one that’s why the company never had any impact whatsoever.


[url]https://www.investopedia.com/updates/enron-scandal-summary/
[/url]

Oga, this is bullcrap.

A struggling firm can be resuscitated through diversification or investing in a new market, such as power in Nigeria. Enron could have been bankrupt because of recession or unfavourable market situation. So long as Enron had the technology to deliver promised service to Lagos, it was good to go. OBJ frustrated the deal. It was a wicked move!

MTN was not a big firm in SA before coming to Nigeria. The Nigerian huge market made it a monstrous corporation it is, today.

lekanamisu:
Na you bring them?

don't you read

helinues:
Oya tell us who brought those companies to Nigeria Mr Sabinus

it's either you don't read or you are daft

MrPristine:


That is 100% impossible, I was a staff of MTN and I know for a fact that we started selling our lines two weeks before econet started. What econet did then was just a ceremonial launch without any lines available to sell until after two weeks. In MTN we started sales the same day we launched our operations.

U be liar and thief at d same time. I was a staff of Econot then and we started weeks before MTN. In fact, Strive called Obasanjo first.
Na God go punish u and ur generations for dis bare faced lucifer kind of lies. shiorr.
Omo Ibo Olodo.

MrPristine:
In his characteristic manner, Tinubu made two statements that were pure lies at the screening of APC presidential aspirants yesterday, the first lie was that he brought Enron to Nigeria while the second lie is that he brought Econet to Nigeria.

While I won't accuse the geriatric of deliberately telling lies because of the obvious dementia symptoms that he has been exhibiting over the years, I will set the records straight.

Concerning Enron, after the company went bankrupt in 2001 some of their disused equipment were put of for sale. Lagos state government under the leadership of Tinubu without doing due diligence bought one of their old power plants.

This power plant was diesel powered, obsolete and very expensive to run and as a result of this they couldn't reach an agreement to integrate it into the national grid and it ended up being a wasted investment. It is dubious to claim that you brought a company that was already bankrupt to Nigeria just because you bought obsolete and disused equipment from them.

On the issue of Econet, Tinubu never played any role in bringing the company to Nigeria, the credit belongs to Bolaji Balogun and Strive Masyiwa who worked together to bring the company to Nigeria.

Lagos state government only invested in Econet after they got their operating license and needed funds to rollout. Delta state and a good number of other institutional investors also joined in investing in the company so it's very fraudulent for Tinubu to claim that he brought Econet to Nigeria just because Lagos state government joined others in investing in the company.

Even though I didn't expect any better given his questionable character, one would have expected that a man of his age and experience would not resort to obvious lies that can be easily exposed in his desperation to achieve his lifetime ambition.

If indeed he had any real achievements after his 23 years hegemony in Lagos state, he won't have had to resort to lies to market his presidential hallucinations. Let's all remain vigilant.

Cc: seun lalasticlala

You only made claims without supporting them with any proof/document.

And you want this rubbish pushed to the front page?

Ventura1:


You mean Tinubu through LASG invited econet to bid for the GSM license way back then?

Lol go and learn how investment deals are consummated. I am not about to teach that for free. However, I will give you some tips.

1. You can do a value proposition to an international firm, detailing why they should invest in the Nigerian market. You will leverage on our population, market size and prospects etc.

2. As the Governor of the commercial state of the country, your support to the firm is another enabler.

3. Your ability to help arrange other state governments and institutional funders to fund the firm's operations is another attraction to foreign firms, especially those that only want to deploy their technology/expertise.

Your brain is so daft and dead that you are not informed it is documented in guineas books of record that yorubas are the most dirtiest animals on earth even dirtier than pig. Now put your hand in your anus and smell. Dumb skull olodo

quote author=sogodihno post=113336982]So many of these useless 5% pigs will have to use sniper when Tinubu become president.

We are ready for you, you pigs will be taught a bitter lesson in 2023[/quote]

MrPristine:


Tinubu never attended any telecoms conference. Strive Masiyiwa came to Nigeria himself and approached Bolaji Balogun who was one of the leading investment bankers in the country to help in bringing together investors to finance the company.

They eventually brought together 22 institutional investors inclusive of 3 state governments namely Akwa Ibom, Delta and Lagos state.

Lagos state was just one of the investors and was not the promoter. They were not even amongst the three biggest investors so Tinubu should stop lying that he brought the company to Nigeria.

Show us proof that he came to meet Bolaji directly, without the involvement of Tinubu. Make it make sense. Did you interview Bolaji and/or Masiyiwa, and they denied Tinubu's facilitation? We need proof! Not your yeye unproven claim

fyneguy:


Show us proof that he came to meet Bolaji directly, without the involvement of Tinubu. Make it make sense. Did you interview Bolaji and/or Masiyiwa, and they denied Tinubu's facilitation? We need proof! Not your yeye unproven claim

On the contrary it is Tinubu that should bring the evidence that he facilitated the deal. As I said earlier in this thread, I was a staff of MTN at the time of rollout in 2001 and I later became a dealer with econet. I aslo know Bolaji Balogun personally along with Oba Otudeko who was the chairman of Econet then. I was not only in the industry, I had direct access to the major players and was very conversant with what went on then and I can tell you as a matter of fact that neither the jagabandit nor Lagos state government were involved in bringing econet to Nigeria. Lagos state was just one of 22 investors brought together by Bolaji Balogun to invest in Econet.

helinues:
Oya tell us who brought those companies to Nigeria Mr Sabinus

Are you sure you read the post. Abi na that overzealousness to defend anything Tinubu that is blinding your reasoning. I taya for some of you.

It is the work of the press to ask questions from tinubu on how he brought those companies ,because there is no way we can verify unless another person that is well connected to the company says what is contrary to what tinubu just said aside that all we are reading here is beer palour gist or hear say

MrPristine:


On the contrary it is Tinubu that should bring the evidence that he facilitated the deal. As I said earlier in this thread, I was a staff of MTN at the time of rollout in 2001 and I later became a dealer with econet. I aslo know Bolaji Balogun personally along with Oba Otudeko who was the chairman of Econet then. I was not only in the industry, I had direct access to the major players and was very conversant with what went on then and I can tell you as a matter of fact that neither the jagabandit nor Lagos state government were involved in bringing econet to Nigeria. Lagos state was just one of 22 investors brought together by Bolaji Balogun to invest in Econet.

fyneguy:


Oga, this is bullcrap.

A struggling firm can be resuscitated through diversification or investing in a new market, such as power in Nigeria. Enron could have been bankrupt because of recession or unfavourable market situation. So long as Enron had the technology to deliver promised service to Lagos, it was good to go. OBJ frustrated the deal. It was a wicked move!

MTN was not a big firm in SA before coming to Nigeria. The Nigerian huge market made it a monstrous corporation it is, today.

Enron had nothing to do anything tangible. The company was in debt and hid it from investors. Click the link I supplied and read up on the scandal that was on going for years before it was introduced to Lagos. Maybe Obj saw what we later saw and that’s why he frustrated the deal to avoid us loosing money. Obj did the right thing.

MrPristine:
In his characteristic manner, Tinubu made two statements that were pure lies at the screening of APC presidential aspirants yesterday, the first lie was that he brought Enron to Nigeria while the second lie is that he brought Econet to Nigeria.

While I won't accuse the geriatric of deliberately telling lies because of the obvious dementia symptoms that he has been exhibiting over the years, I will set the records straight.

Concerning Enron, after the company went bankrupt in 2001 some of their disused equipment were put of for sale. Lagos state government under the leadership of Tinubu without doing due diligence bought one of their old power plants.

This power plant was diesel powered, obsolete and very expensive to run and as a result of this they couldn't reach an agreement to integrate it into the national grid and it ended up being a wasted investment. It is dubious to claim that you brought a company that was already bankrupt to Nigeria just because you bought obsolete and disused equipment from them.

On the issue of Econet, Tinubu never played any role in bringing the company to Nigeria, the credit belongs to Bolaji Balogun and Strive Masyiwa who worked together to bring the company to Nigeria.

Lagos state government only invested in Econet after they got their operating license and needed funds to rollout. Delta state and a good number of other institutional investors also joined in investing in the company so it's very fraudulent for Tinubu to claim that he brought Econet to Nigeria just because Lagos state government joined others in investing in the company.

Even though I didn't expect any better given his questionable character, one would have expected that a man of his age and experience would not resort to obvious lies that can be easily exposed in his desperation to achieve his lifetime ambition.

If indeed he had any real achievements after his 23 years hegemony in Lagos state, he won't have had to resort to lies to market his presidential hallucinations. Let's all remain vigilant.

Cc: seun lalasticlala

You must be the owners of Enron and econet to know this

MrPristine:
In his characteristic manner, Tinubu made two statements that were pure lies at the screening of APC presidential aspirants yesterday, the first lie was that he brought Enron to Nigeria while the second lie is that he brought Econet to Nigeria.

While I won't accuse the geriatric of deliberately telling lies because of the obvious dementia symptoms that he has been exhibiting over the years, I will set the records straight.

Concerning Enron, after the company went bankrupt in 2001 some of their disused equipment were put of for sale. Lagos state government under the leadership of Tinubu without doing due diligence bought one of their old power plants.

This power plant was diesel powered, obsolete and very expensive to run and as a result of this they couldn't reach an agreement to integrate it into the national grid and it ended up being a wasted investment. It is dubious to claim that you brought a company that was already bankrupt to Nigeria just because you bought obsolete and disused equipment from them.

On the issue of Econet, Tinubu never played any role in bringing the company to Nigeria, the credit belongs to Bolaji Balogun and Strive Masyiwa who worked together to bring the company to Nigeria.

Lagos state government only invested in Econet after they got their operating license and needed funds to rollout. Delta state and a good number of other institutional investors also joined in investing in the company so it's very fraudulent for Tinubu to claim that he brought Econet to Nigeria just because Lagos state government joined others in investing in the company.

Even though I didn't expect any better given his questionable character, one would have expected that a man of his age and experience would not resort to obvious lies that can be easily exposed in his desperation to achieve his lifetime ambition.

If indeed he had any real achievements after his 23 years hegemony in Lagos state, he won't have had to resort to lies to market his presidential hallucinations. Let's all remain vigilant.

Cc: seun lalasticlala

I am telling you Tinubu does not have any tangible people oriented achievements a s a governor.

Nothing i can remember .

MrPristine:


On the contrary it is Tinubu that should bring the evidence that he facilitated the deal. As I said earlier in this thread, I was a staff of MTN at the time of rollout in 2001 and I later became a dealer with econet. I aslo know Bolaji Balogun personally along with Oba Otudeko who was the chairman of Econet then. I was not only in the industry, I had direct access to the major players and was very conversant with what went on then and I can tell you as a matter of fact that neither the jagabandit nor Lagos state government were involved in bringing econet to Nigeria. Lagos state was just one of 22 investors brought together by Bolaji Balogun to invest in Econet.

Lol Oga, you are a big time liar.

I was a banker during that period, and by virtue of my office, I knew Tinubu was very close to the Baloguns. I won't say much on here. However, if you were indeed close to Subomi and Bolaji, and doubt Tinubu was involved in their relationship with Econet, then you are a big fat liar.

Let me ask you- do you know GOK Ajayi? Lol
Was he part of the Econet arrangement?

Anyway. Tinubu brought Econet, and involved Subomi and Bolaji for the funding arrangement. Fyi, when Multilinks had issues, Tinubu tried to arrange private funders to bail them out. Tinubu also helped Dangote for the refinery in Lekki, after the Portharcourt refinery deal failed. Initially he wanted to site it in Ondo, Mimiko gave him choking conditions. Tinubu later helped him, with location, fund arrangement, and technical partner.

Tinubu is a very deep and resourceful man. He has helped many struggling corporations in Nigeria, and even other African countries, such as Gambia, Guinea, Ivory Coast, Angola, and Tanzania. If you were in financial circles, you would know his exploits.

You self start telling your own lies..... Nobody wants to listen to the truth anyway....

helinues:
Oya tell us who brought those companies to Nigeria Mr Sabinus

What did you understand from the write-up?

MrPristine:


That is 100% impossible, I was a staff of MTN and I know for a fact that we started selling our lines two weeks before econet started. What econet did then was just a ceremonial launch without any lines available to sell until after two weeks. In MTN we started sales the same day we launched our operations.

stop lying boss MTN wasn't first.

fyneguy:


Oga, this is bullcrap.

A struggling firm can be resuscitated through diversification or investing in a new market, such as power in Nigeria. Enron could have been bankrupt because of recession or unfavourable market situation. So long as Enron had the technology to deliver promised service to Lagos, it was good to go. OBJ frustrated the deal. It was a wicked move!

MTN was not a big firm in SA before coming to Nigeria. The Nigerian huge market made it a monstrous corporation it is, today.

it's obvious you have no idea how badly sunk Enron was.... Nobody not even the US government was willing to resuscitate it......it's now Lagos you want to do it..... Lol.....America and Brazil had a brief stint of economic recession after Enron collapsed..... If you don't know Google it.

Sheuns:


Enron had nothing to do anything tangible. The company was in debt and hid it from investors. Click the link I supplied and read up on the scandal that was on going for years before it was introduced to Lagos. Maybe Obj saw what we later saw and that’s why he frustrated the deal to avoid us loosing money. Obj did the right thing.

Oga, I don't care about Enron's infractions in their home country. The fact is they had the capacity to supply power. Enron struck a juicy deal with Lagos, as Lagos guaranteed payment for bulk supply of electricity. Their capacity to deliver was not affected by whatever issues they had abroad. Obj reneged on FG's guarantee to allow bulk supply to Lagos, on the transmission grid, which Enron needed for supply. Transmission was FG's asset and exclusive operation. FG mixed Enron's supply with other power sources, thereby undermining bulk supply to Lagos. That was the issue, nothing else!