Many years after, some of the local bidders exited to another foreign company when they could no longer raise money to meet the capital intensive growth requirements of telco operations. The sector experienced phenomenal growth as a result of a lot of "foreign" capital injected.
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100% locally owned Glo later got a "National Telco License" similar to the one NITEL the government-owned telco had. Etisalat was also given a license to operate and even though we thought they were "foreign" it was later revealed to be more local than foreign.
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Many years after, we are now in a place where we are suddenly afraid of "foreigners" controlling major institutions like banking when we couldn't sustain our investments into telco and needed help from outside. I worry about this trend as it will come back to bite us hard.
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Most of the money coming in to fund tech innovation at the moment is also coming from "foreigners" we now despise in larger companies. At some point, these small tech startups will also become bigger companies and we will be doing the same thing to them and mediocrity takes over.
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Whatever we do to MTN and Multichoice today will be done to Flutterwave and Paystack or even 54Gene tomorrow. The future comes very quickly. When we were all struggling to help telcos start in the early 2000s, we didn't care where the money came from and we all benefited.
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A vibrant telecoms industry helped our economy to witness unprecedented growth as well. What is pathetic is that those who have benefited from the Nigerian economy in the last two decades are not investing in its future. They are taking the money elsewhere.
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I have tried to invite rich local LPs to be part of our global fund and like Dangote, they have moved their money abroad too, not interested in doing local investments. The people currently doing all the funding are largely foreign. They are also watching how we treat others.
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The first tweet was "bid" not "big". I hate autocorrect. Twitter should have an edit function for threads alone.
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Kraj razgovora
Novi razgovor -
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Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi
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You are very right, I remember reading about Strive and all that happened to him, when the Telecoms revolution was happening, and how he was boated out of Nigeria because he refuse to give in and bribe government officials, if we really want to grow, we must create a cash pool
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All those are lies. Strive had no money and was the villain.
- Još 4 druga odgovora
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Čini se da učitavanje traje već neko vrijeme.
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| “Retired Investor” according to the American Embassy. I am the Good News from Nigeria!