The scariest thing about Nigeria by Simon Kolawole
We see different things even when we are looking at the same picture. When CBN asked MTN to return the $8.1 billion dividends it “illegally” repatriated between 2007 and 2015, I was not thinking about MTN or CBN. Rather, my mind was on Econet, the ancestor of Airtel. Econet and MTN launched operations in Nigeria in 2001. Three Nigerian states — Lagos, Delta and Akwa Ibom — invested heavily in Econet, owned by a Zimbabwean. Suddenly, the states sold their shares for no intelligent reason. The only thing we knew was that the buyers of those shares happened to be fronts for politicians. Individuals, rather than the states, became the ultimate beneficiaries.