@Rufyb This doesn’t look good at all. This is basically zero personnel costs. And it’s distasteful considering how this entire ipo story was spun. Ipo for the people when even a meagre esop of 0.5% wasn’t issued. Baba just be keeping the billions to himself
Pretty distasteful.
BUILDING AFRICA’S NEXT GENERATION OF GLOBAL DIGITAL COMPANIES FROM NIGERIA
Nigeria has the talent, enterprise, and ambition to build companies that can compete anywhere in the world. Our responsibility as a government is to ensure that Nigerians do not have to leave Nigeria or rely on other jurisdictions to realise that potential.
For too long, some of our most promising young entrepreneurs have felt compelled to establish their companies and intellectual property abroad to access global capital and markets. I do not accept that this must remain the case.
I want the next generation of African technology, finance and service companies to be built, headquartered and scaled to the world from Nigerian soil.
Mafab Communications, the Nigerian telecommunications company backed by businessman Musbahu Muhammad Bashir, is seeking to transfer key spectrum assets to MTN Nigeria, potentially ending its run as one of the country’s 5G network operators...
https://t.co/fAEtku75pt
There are many things at play here
1. Cost of funds - have you tried to get a loan from Nigerian banks?
2. Fragmentation. Too many small players. Meaning low to no economies of scale
And then do you consider import duties?
A Nigerian business man will never buy a car for 27 million Naira from China and sell it for 30 million Naira.
He will sell it for over 35 to 40 million Naira making over 8 to 13 million Naira profit from just one car.
but a Chinese man will bring the same car to Nigeria and sell it close to 28 million Naira for you with just 2 million Naira profit at times not even up to that.
Nigerian importers are the problem we have in this country.