Kuti Sofumade The South Africans wanted to pump millions into a 60% stake in MTN Nigeria, with Nigerians owning 40%. I set off with high hopes to London and the United States to raise capital among the big money men and Nigerian expatriates When I got there, it was as if I was trying to sell sand in the desert Many people saw the struggles of the government telecoms company, NITEL, with its wobbly and sparse landlines Investors said that if the state couldnt set up a cellphone network in Nigeria, no one could It was very disappointing. You have a good project and you are turned down. You start to question yourself and start to question your head I could raise merely enough for a 20% stake in the new company Through debt funding, MTN poured in millions to make up the difference. It was a huge risk, at the time, but MTN prospered and the rest is history Most of the people I asked to invest now regret not investing; I even regret it myself They would have enjoyed returns of 20 times their money ~Pascal Dozie, Chairman, MTN Nigeria
Posted on: Sat, 25 Jan 2014 07:32:37 +0000
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