Derick Matsengarwodzi HARARE. – Econet Wireless boss Strive Masiyiwa was harassed for his Christian believes after he refused to pa...
- Advertisement -
Derick Matsengarwodzi
HARARE.
– Econet
Wireless boss Strive Masiyiwa was harassed for his Christian believes after he
refused to participate in a corrupt deal.
In 2003, he refused to pay kickbacks
to corrupt Nigeria officials, resulting in his company losing a mobile tender –
and his entire staff losing their jobs.
The illicit transaction could have
rendered him a multi-billionaire.
High
price of corruption
“I had the privilege of making
Nigeria’s first GSM phone call back in 2001. It all started out as a very
exciting new chapter for enterprise in Africa. Shortly after President Obasanjo
was elected, the new government announced an incredibly transparent
international auction process for three national mobile phone licenses.”
As per regulations, they engaged local
partners.
“Our Nigerian partners, which included
state governments, local banks and high net worth individuals, were financial
investors. The largest shareholder had only 10%. That was the written
agreement. I managed to assemble a consortium of 22 investors to put up the
money needed to bid. The license cost us $285m and was the most expensive
license ever issued in Africa at the time.”
Investment
builds a nation
Unlike other businesspersons who
harbour selfish agendas, Masiyiwa believes investments are meant to benefit the
host country.
“We considered the investment not only
about putting together a network, but also about building a nation. We knew it
had the potential to transform Nigeria’s entire business and social
architecture. Most of our investors had between 1-10% shareholding. Econet
Wireless Nigeria had only 5% of the shares, but that was fine because it was 5%
ownership of a very big pie.”
As the “technical partner and operator”,
Econet was the company with the expertise to build and operate such a business,
so they got a lion’s share of the turnover. And soon customers poured in.
Stand
by your word
Suddenly, the tables turned.
“Then came the fateful day when I was
told that our company must pay a total of $9m in bribes to senior politicians
(in state government) who had facilitated the raising of the money to pay for
the license. I refused to authorise the illegal payments. The money would not
be paid as long as Econet was the operator and I had signing authority.”
One of intended benefactor of the
illegal deal was James Ibori, the Governor of Delta State – a man with a
reputation of violence. He was demanding $4,5m. After Masiyiwa remained steadfast,
he issued an ultimatum.
“Pay or I will chase you and your
people out of the country.”
Econet Wireless Nigeria was ousted
after Masiyiwa declined to pay. And a prominent businessman approached him
saying: “Unfortunately for you, God does not have a vote”.
The mobile company vacated Nigeria –
and this decision almost sunk the empire into bankruptcy.
God
intervenes
The wheel of corruption began to turn.
“They invited a big international
operator to replace us as technical partner and operator. They changed the name
of the company from Econet to V-Mobile. Within days of their arrival, the
managers of the new operator signed off the payments demanded as bribes.”
However, “a few noble Nigerians had
both the integrity and courage to carefully collect all the documentation on
the movement of the money, and pass it all on to me,” revealed Masiyiwa.
Masiyiwa then wrote a letter to the
United States Department of Justice. The outcome was a prolonged battle against
the certified corrupt and the steadfast – a test of character.
Meanwhile, the propaganda machinery
went full throttle saying “Econet could not raise the required investment quota.”
– Tinzwei
• Derick
Matsengarwodzi is a communication consultant, author – and founder of The Aloe
Media. An ardent researcher plus media devotee – you can interact with him
through Facebook or derickmats@gmail.com. Follow his
authoritative, eloquent, analytical and revealing writing flow on: http://tinzwei.blogspot.com or http://thehealthoracle.blogspot.com.
- Advertisement -
- Advertisement -
Tinzwei Is A Worth Voyage For Those In Pursuit For Up-To-Date World Events.
Read More At The Online Coronavirus Portal Or Use The 24-Hour Public Hotline:
South Africa: 0800 029 999 or just Send Hie to 0600 123 456 on WhatsApp
No comments