Poster Line: "Dem call am privatization. The buyers call am Christmas. 20,000 workers call am the end."
The Story
Mr. Adeyemi na sixty-five years old. E dey sitdown for couch wey the springs dey cry anytime e shift e weight. The ceiling above am dey leak when rain fall. E go put bucket under am dey listen to the plink-plink-plink of water wey no suppose dey there. The generator outside no get fuel. E don three weeks since e last get fuel. Mr. Adeyemi dey calculate: N15,000 pension versus N1,200 per liter of diesel. The math simple. The generator go stay silent.
For thirty-two years, e work for NITEL. The Nigerian Telecommunications Limited. E start as junior technician for 1974. By 1985, e dey maintain telephone exchanges across Lagos. By 1995, e dey train young technicians for Kaduna, dey pass knowledge wey the country need. E install trunk lines wey connect Nigerian cities when connecting dem mean something. When calling Abuja from Lagos feel like small miracle. When working telephone line mean say your business fit exist.
NITEL employ 20,000 people for e peak. E own thousands of kilometers of trunk lines. E hold prime real estate for every state capital. E worth, by any honest valuation, billions of dollars.
Then dem sell am.
"Dem call am privatization," Mr. Adeyemi dey talk. E voice soft, like person wey don tell this story too many times to people wey no gree listen. "I call am liquidation. No be the company dem liquidate. Na my life."
One consortium wey dem call NATCOM buy NITEL for $252 million. According to reports wey Senate proceedings and investigative journalism document, one previous bidder bin offer $1.3 billion. Dem reject that bid on top wetin officials call "technical grounds." The $252 million sale price na less than one-fifth of wetin the market don already offer. The telecommunications infrastructure wey NATCOM inherit worth, by conservative estimates, over $5 billion. Dem pay less than wetin one decent Lagos estate cost today.
Mr. Adeyemi monthly pension today na N15,000. That na N500 per day. That one no reach to fuel generator for one week. E no reach to patch the leaking ceiling. E no reach to buy the blood pressure medication wey start when the letter come say e terminal benefits dey "under review." Dem don dey review am for nine years now.
Across the street from e one-bedroom apartment for Ibadan, the NITEL telephone exchange building dey empty. Weeds dey grow through the concrete floors. The radio mast dey lean like drunk against the afternoon sky. Windows don shatter. Equipment wey once connect millions of Nigerians don strip and sell as scrap. The building wey e maintain for three decades don turn ruin wey teenagers dey use as backdrop for Instagram photos.
"I build that one," e dey talk, e dey point with finger wey gnarl by decades of terminal work. "Dem sell am. And the man wey sell am collect national honor."
Mr. Adeyemi na one of 20,000 former NITEL employees. Most of dem don die now. Many never collect their terminal benefits. Some die for rented rooms, dey wait for money wey never come. The NATCOM consortium reportedly get wetin media reports describe as "unusual clout" and "closeness to the PDP federal administration."
That one no be market transaction. That one na harvest. Mr. Adeyemi bin be the crop.
This is a fictionalized illustration based on documented patterns of NITEL privatization and post-privatization worker experiences as reported in Senate records, Bureau of Public Enterprises documentation, and investigative journalism.
The Fact
The arithmetic of Nigerian privatization simple. The Bureau of Public Enterprises don sell 234 public assets since 1999. Revenue wey dem generate: between N1 trillion and N2 trillion. The replacement value of those assets: many times that amount. According to Proshare report, N2 trillion na wetin dem realize from state enterprise sales since 1999. The assets wey dem sell bin dey built with public money over four decades.
The $600 Billion Question
According to research by the Human and Environmental Development Agenda (HEDA), at least $600 billion don steal from Nigeria since independence. HEDA Chairman Olanrewaju Suraju talk say: "This amount is enough to build a new country from the scratch and turn around the social, industrial and economic infrastructure to meet global standards." The World Bank and UNODC don document illicit financial outflows through trade misinvoicing, transfer pricing, and outright theft.
To understand $600 billion, reason am like this. E pass Nigeria entire GDP for 2024. E enough to fund Nigeria annual federal budget approximately sixty times. E enough to build 6,000 world-class hospitals. Or 60,000 secondary schools. Or 120,000 kilometers of paved roads. E approximately $2,800 for every Nigerian citizen, living and dead, since 1960.
NITEL: The $1 Billion Question
NITEL never bin be just phone company. For e peak for the 1990s, e dey operate 500,000+ telephone lines. E own thousands of kilometers of trunk lines. E hold prime real estate for every state capital. E operate one cellular subsidiary wey dem call MTEL. E employ 20,000 trained Nigerian engineers, technicians, and administrators.
Between 2001 and 2015, six failed attempts dey to sell NITEL. The 2001 bid from Investors International London Limited na $1.3 billion. One Dutch-Nigerian consortium wey dem call Pentascope collect management contract for 2003. By the time dem waka, NITEL lines don drop from over 400,000 to under 300,000. One 2006 sale to Transcorp — company wey e founding shareholders include some of Nigeria best-known business figures — dem revoke am for 2009 after Transcorp fail to pay staff salaries for over twelve months. By 2015, the final sale to NATCOM na $252 million. The company wey attract $1.3 billion bid dem sell am for less than one-fifth of that amount.
According to Review of African Political Economy analysis, Nigeria privatization process create one "new local hegemonic class" wey "acquired publicly-owned assets at greatly undervalued prices."
Power Sector: Sold to Companies with $6,000 Share Capital
On November 1, 2013, dem unbundle and sell the Power Holding Company of Nigeria. Eleven distribution companies and six generation companies transfer to private buyers. The promise simple: privatization go bring efficiency, investment, and stable electricity.
The Nigerian Senate don since call the exercise one "total failure."
Energy analyst Nick Agule, when e dey talk for Arise TV, trace the problem go e root. According to e analysis of Corporate Affairs Commission documents, some DisCos get share capital of just N5 million or N10 million. That one around $6,000. How company wey get $6,000 for share capital go power four states? The combined share capital of all eleven DisCos na less than N1 billion — roughly $500,000 total. For context, that one less than the cost of one modest transformer substation.
The result? As Agule note: "We have 46 companies in the power sector today, compared to one NEPA in 2013. Yet power supply has dropped from 6,000 to 7,000 megawatts to just 5,000." More companies. More subsidies. Higher tariffs. Less electricity.
Senate President Godswill Akpabio talk am directly for December 2024: "They have added no value at all... Why do state governors and communities buy transformers, hand them over to Discos and still pay for installation? The people who took over are just making money from those transformers."
By early 2024, only 5.7 million of 12 million+ customers don get meter. The rest dey pay estimated billing — arbitrary charges for power wey dem never receive.
Steel and Refineries: $35 Billion, Zero Output
Ajaokuta Steel dem conceive am for the 1970s as the crown jewel of Nigerian industrialization. By 1994, e don 98% complete. E never produce one single commercial ton of steel. Nigeria don sink over $10 billion inside the plant over four decades. One leaked 2003 US Embassy cable wey WikiLeaks publish reveal say Ajaokuta "has been used as a mechanism to grant contracts to contractors performing substandard work at overinflated prices while providing senior Government of Nigeria officials with large kickbacks."
Delta Steel Company dem build am at cost of $1.89 billion. For 2005, dem sell am for $30 million — despite say dem value am at over $700 million. The Aluminium Smelter Company of Nigeria (ALSCON) dem build am at $3.2 billion and dem sell am for approximately $205 million, half of competing bid of $410 million. The Supreme Court later rule say the sale invalid, but the plant remain occupied.
Nigeria four refineries — Port Harcourt, Warri, and Kaduna — collect over $25 billion in turnaround maintenance. Utilization rate: effectively 0%. Oil and gas consultant Maurice Ibe talk for Arise TV: "Twenty-five billion dollars and counting, and nothing to show for it — and nobody has gone to prison." According to Ibe, "those deeply involved in corruption are protected. They make sure the refineries do not work — and should not work."
Functional refineries go eliminate the justification for fuel imports. The import economy depend on broken refineries. The evidence dey raise the question: dem keep the refineries broken on purpose?
What This Mean For You
- Every time you dey queue for fuel, you dey pay for the refineries wey dem deliberately keep broken so importers fit keep importing.
- Every time your generator die because you no fit afford diesel, you dey experience the result of power sector wey dem sell give companies with $6,000 share capital.
- Every time you dey pay estimated electricity bills for power wey never come, one DisCo dey pocket your money while government dey bail dem out with your taxes.
- Every time you dey buy imported steel for your small business, you dey pay the price of Ajaokuta deliberate failure.
- The difference between wetin you suppose pay for fuel, power, and steel — and wetin you actually dey pay — na the harvest. Someone dey collect am. No be you.
The Data
| Asset |
Public Money Invested |
Wetin E Dey Produce Today |
Years of Promises |
| NITEL |
$5B+ infrastructure |
Empty buildings, weeds, shattered windows |
14 years of failed sales |
| PHCN (power sector) |
$15B+ replacement value |
Less power than before privatization |
11 years post-privatization |
| Ajaokuta Steel |
$10B+ sunk |
Zero tons of commercial steel |
45 years of "revival" announcements |
| Delta Steel |
$1.89B original cost |
Stripped, non-functional |
20+ years of failed revivals |
| ALSCON |
$3.2B original cost |
Occupied despite Supreme Court order |
20+ years of legal battles |
| Four refineries |
$25B+ turnaround maintenance |
0% utilization, 0 liters produced |
25+ years of "repair" lies |
| TOTAL |
$60B+ invested |
Zero functional output |
Multiple decades of lies |
The Lie
Politicians dey talk: "Privatization brings efficiency. Private sector knows best. We dey attract investment."
The evidence dey talk another thing. Companies with $6,000 share capital no sabi best. Dem sabi someone for government. The $1.3 billion bidder for NITEL dem reject am. The $252 million buyer connected. That one no be efficiency. That one na allocation wey dem disguise as market economics.
Senate President Akpabio talk am directly: "The people who took over are just making money from those transformers." That one no be investment. That one na extraction with board of directors.
Dem dey talk say the steel plants dey "almost ready." Forty-five years. Ten billion dollars. Zero steel. Your neighbor wey dey repair iron gates for market don produce more steel than Ajaokuta. The welder under the bridge for Oshodi don fabricate more metal than Nigeria "crown jewel of industrialization."
Dem dey talk say the refineries need "just one more turnaround maintenance." Twenty-five billion dollars in maintenance. Zero output. If your mechanic charge you twenty-five times and your car still no start, you go call police. When government do am, dem dey call am policy.
The Truth
The purpose of Nigerian privatization no be to make companies efficient. Na to make public assets private. According to Senate investigation reports, EFCC filings, and international investigative journalism including the Panama Papers and Pandora Papers, small circle of individuals and families dey recur across oil blocs, telecoms, banking, power, steel, and subsidies. The evidence dey raise the question: Nigeria dey function as democracy of 200 million citizens, or as system where public assets dey allocated among politically connected beneficiaries? The answer no dey this book. E dey the voting booth.
Your Action
Citizen Verdict — Do These Five Things This Week:
- Ask three people for your community wetin public asset dem sell for your state. Most people no sabi. Awareness na the first weapon against the Memory Eraser.
- Visit budgit.ng and search for one capital project for your LGA. Compare wetin dem budget with wetin dem actually build.
- Download one NEITI report from neiti.gov.ng. Read the executive summary. Share three facts for WhatsApp. Facts na bullets against the Fog of Confusion.
- For your next community meeting, ask who collect the Certificate of Occupancy for the land where that new estate dey build. Follow the name. Follow the money.
- Count the number of generators for your street tonight. Each one na evidence of regulatory failure. Each one na tax wey you dey pay because someone capture the power sector.
WhatsApp Bomb
NITEL: $1.3 billion bid rejected for 2001. Dem sell am for $252M for 2015. Power sector: dem sell am give companies with $6,000 share capital. Now we get 46 power companies wey dey produce LESS electricity than one NEPA. Steel: $10B spent, zero steel. Refineries: $25B "maintenance," 0% output. Same names dey every receipt. $600B stolen since 1960. Na harvest, no be privatization. Share if you sabi the truth.