It is no longer news that a few days ago, the government of the Federal Republic of Nigeria opened its doors again to willing investors, when she revoked the operating license of Transcorp. But one interest thing you need to know is that the Nigeria Telecommunications giant popularly known as NITEL was sold off to a company called Transcorp under the regime of former President Olusegun Obasanjo, in what many Nigerians described as mischievous circumstance and at a ridiculous price.
Going by the valuation of most critics, the firm NITEL is worth more than $80 billion, yet the former president sold it for less than $1 billion dollars. Indeed several criticisms trailed the transaction up until the latest development of license invalidation. According to some critics, the sale was directly made to the auctioneer - Chief Olusegun Obasanjo. And trust Nigerians, they never allowed the auctioneer one single good sleep. It was their noises, that led to his change of heart and the resulted invitation of the public to be part owners/ co-investors in Transcorp. Consequently, Transcorp in 2007 went to the Nigerian stocks market to woo investors.
You might be delighted when you hear about how those who are in the ever growing Nigerian Telecommunications market are striving at a time when most companies globally are closing up shops. It may also interest you to know that as 2004, one of the leading telecoms operators - MTN Nigeria, Chief Executive Officer (CEO) Adrian wood, who prefer to be called a Chief Servant Officer, admitted in a presentation at Philips Consulting Limited training room that what the firm (MTN Nigeria) recouped/made in one year, MTN South Africa is yet to make in eight years. This indeed affirms the viability and the juicy nature of that sector of the Nigerian economy. It is perhaps for the marked successes of the telecom operators, that most Nigerians have described the new investment opening at NITEL as a juicy and viable one for willing investors in that sector of the Nigerian economy. The federal government has equally added it voices to the call for willing investors from all parts of the globe by saying that the revocation was to create a healthy competition in the sector, and to revive an ailing firm in the hands of inactive performers/operators.
They say when the going gets tough, only the tough gets going. Indeed, the Nigerian government has just opened a wealth creation opportunity to all interested global investors at a time when the economic meltdown is
decimating wealth and jobs. It is worthy of note to mention here that, the Nigerian population is heading towards 150 million plus, with an average 45 million being hooked up to about 12 existing telecom companies. Thus, the market here big and begging for services from all willing investors.
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