Former President Olusegun Obasanjo has revealed how Nigeria was almost denied a $280 million telecommunications deal during the transition from landline telephones to mobile phones.

Speaking at the launch of a book, the former president recounted a pivotal moment during Nigeria’s telecommunications evolution.

Obasanjo disclosed that his predecessor had been set to award the telecommunications contract to his friends for just $3 million. However, Obasanjo intervened, suggesting that the contract be auctioned and awarded to the highest bidder, which eventually led to a $280 million deal.

He shared this during the event in Lagos, highlighting the significance of that decision in shaping Nigeria's telecommunications industry.

He said; “The story of telecommunications, particularly mobile telecommunication, is a very interesting one. Before mobile telecommunication, we had spent a lot of money, we had all sorts of companies invited from America, France and even from Britain, but we did not get more than 500,000 lines. People had to queue at the telephone kiosk to call their loved ones abroad. And then, of course, the mobile telephone age came in.

“When it came in, my predecessor in office was trying to give it away, I think, to their friend for $3 million. Then we said, what we would do was to auction it. The three that came in first, I think, paid $280 million for the line. $280 million for something about to be given away for $3 million. That was the first thing we did. Not only that, we achieved competition.

“The three of them were competing. And, of course, the one that had the upper hand in terms of spread, I think, was MTN, followed by Glo. And then, there was Econet. They are now Airtel. And then, of course, later on, we had the fourth one, Etisalat. When Etisalat came, I told them the last one we did was $280 million. We told Etisalat to pay $450 million. They did.

“When they paid $450 million, the ball went in the post and then we were playing. That was how we got money to do what we did at the time we did it. That opportunity can still be made available. The money to develop Nigeria is out there, but that money will not come in unless we create a conducive atmosphere for that money to come in.

“What we did or what Nigeria has done in the good days when things were going well, are still there and can still be done today only if we put ourselves and we are honest to ourselves. We have to show character and attitude.”