President Bola Ahmed Tinubu and The King’s College tie (Continuation)

He also said the Federal Ministry of Communications, Innovation and Digital Economy noted recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS towers by MTN Group.

“Over the past two years, under the leadership of President Bola Ahmed Tinubu, this administration has taken deliberate steps to stabilise and strengthen the telecommunications sector as a critical pillar of Nigeria’s digital economy.

Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, the government has prioritised long-term sustainability, investor confidence, and improved sector performance.

Recent financial results announced by key operators indicate a return to improved profitability, increased investment in telecoms infrastructure and operational stability across the sector,” he said.

This progress, he said, reflected the resilience of the industry and the impact of reforms aimed at ensuring its viability and capacity to continue delivering meaningful connectivity to Nigerians.”

I have a professional interest in the matter. What the government should do is to set up a wide-ranging investigation rather than confine itself to the searchlight to be beamed by the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.

For now, I shall keep my powder dry. I can, however, disclose that the promoters of IHS were introduced to my firm, J.K. Randle & Co. Chartered Accountants, by another KCOB, Mr Adeniran Aderogba.

The promoters had previously worked for Motophone, which was owned by Mr Gilbert Chagory and Mr Rowland Chagory.

Motophone had been granted Nigeria’s first mobile telephone licence by the late General Sani Abacha. The licence was subsequently cancelled by General Olusegun Obasanjo, and I think the matter is still in court.

When the promoters of IHS wanted to raise money on the Nigerian Stock Exchange, there was a hitch. We would have to make a full disclosure regarding the allocation of bonus shares to the promoters. The bonus shares would be based on the revaluation of a leasehold property in Lekki, Lagos. Our professional opinion, which we conveyed to the promoters, was that, according to the extant regulations, only 55 per cent of the revaluation (by a professional valuer) could be reflected in the accounts. They disagreed with us and insisted that “PWC” (Proceed With Caution!!) had given them a contrary opinion. We requested a copy of the opinion in writing. We were confident that PricewaterhouseCoopers could not have given them such an opinion. It was never produced.

Besides, both the chairman and the chief executive of the Nigerian Stock Exchange were hesitant about granting approval to a company that had virtually no track record to raise money on the exchange. Their concern was that the funds raised would be “exported” abroad. Anyway, they reluctantly granted approval, and IHS was able to raise the funds.

Thereafter, IHS swiftly removed us as auditors and replaced us with PWC!!

All our protestations to the Senior Partner of PWC were to no avail. IHS took off from its humble beginnings and proceeded to dump the Nigerian shareholders who had invested in the company. It exited the Nigerian Stock Exchange amidst considerable controversy. Some of the Nigerian shareholders were aggrieved. They believed that they had been short-changed.

This is going to be a test case: The real McCoy.