Former President Olusegun Obasanjo recently revealed how Nigeria almost lost a $280 million telecommunications deal due to former military Head of State, Gen. Abdulsalami Abubakar’s attempt to award the contract for just $3 million, News About Nigeria reports.
Obasanjo made the disclosure during the launch of a book titled ‘The Catalyst: Nigerian ICT Evolution through a Journalist’s Lens’ by former Punch editor, Dayo Oketola, in Lagos.
Obasanjo explained that during Nigeria’s shift from landlines to mobile telephones, several major telecom companies offered mobile services.
However, Abubakar intended to grant the contract to his associates for a fraction of its true value—$3 million.
Obasanjo intervened, advocating for an auction of the contract to attract competitive bids.
This led to the telecom deal being finalised at $280 million instead.
Reflecting on the situation, he said, “My predecessor was planning to give it away for $3 million. We decided to auction it, and the top bidders paid $280 million. Not only did we secure more revenue, but we also introduced competition.”
He highlighted the role of key players like MTN, Glo, Econet (now Airtel), and later Etisalat (now 9mobile) in the growth of Nigeria’s telecommunications industry, with subsequent deals such as Etisalat’s $450 million bid further strengthening the sector.
Obasanjo said that creating a conducive environment is crucial for attracting investments that can drive national development.
He noted that the potential for growth and investment remains strong if Nigeria maintains integrity and fosters a favourable atmosphere for business.
The former president made these comments while also advocating for greater economic cooperation among African nations during Angola’s National Founder and Hero’s Day celebration in Lagos.
