PUNCH
The Federal Government earned approximately $1.2bn in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), during the inception of mobile technology in Nigeria.
These license fees played a vital role in establishing the telecom industry in 2000, a sector crucial to Nigeria’s economy.
Former President Olusegun Obasanjo revealed this at the book launch and exaugural lecture of former Editor of The PUNCH, Dayo Oketola, in Lagos on Tuesday.
He revealed that his administration rejected attempts to sell telecom licenses for a mere $3m, instead ensuring they were sold at their true value of $280m each to MTN, Glo, and Etisalat.
Notably, Etisalat, the last entrant into the telecom sector, paid a substantial $450m for its license. This strategic move generated a total of $1.2bn to the Federal Government through the Nigerian Communications Commission.
“When the first three mobile telecom companies came in, they were offered licenses. The cost of one of these licenses was $280m, but soon, the same license was going to be offered for just $3m by some individuals in the previous government who wanted to give out these licenses to their friends for just $3m,” Obasanjo said.
He said while these investments have driven significant progress, creating the right conditions remains essential for attracting future investments and sustaining sector growth.
