Wednesday, March 11, 2009

Zain Group’s gain, Nigeria’s pain

It has been in the news for some time but we at naija reports have not deem it newsworthy because we ask people what do you expect?
We have been asking that does anybody know any other big company that has changed ownership/name 5 times within his first 7 years? I think Guinness book of world record is not complete for omitting this achievement by the company that was initially christened Econet Nigeria and its now Zain. We feel the company is either jinxed, confused or some people are taking us for a ride. When the chairman of the board claimed that due to old age he must have forgotten some decisions taken involving billions I feel kind of funny.
The company we are told has not paid dividend in 8 years, I disagree. In Nigeria dividend are not paid like in other places that is why its only politicians that enjoy dividend of democracy and not the masses. Zain has been paying dividend to the people involved in the brand makeover. The billions spent on the change from Econet to Vodacom, billions to transform to vmobile, again to become celtel and finally to Zain, some people have been getting dividend.
Zain we are told has rented a building for 5 years at a cost that is more than what a competitor is paying to build something similar. Those same arabs make robinho the most expensive and highest paid player in England and was ready to spend 250 million dollars on kaka, so the way they think about money is different. The story is also that the board is renting the building from a board member so……
We are also told that the new owners are bringing in half baked arabs to replace the Nigerians. It’s a Nigeria syndrome, hope we noticed that they are even the only one among the GSM operator with a black CEO, we always feel that white is better.
When I direct my own film I swear Angel go be black and devil white……..

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