By Seyi Odewale
Former President Chief Olusegun Obasanjo said yesterday there is enough money to develop the country if the government is ready to make the right decisions.
The former President spoke at the public presentation of a book titled ‘The Catalyst: Nigerian ICT Evolution Through a Journalist’s Lens,’
The book, written by Dayo Oketola, the immediate past Editor of The PUNCH, was unveiled on Tuesday at the Muson Centre in Onikan, Lagos.
Obasanjo took the attendees through the history of telecommunication firms in Nigeria, especially during his time as President.
His remarks is coming as Nigeria continues to struggle to attract foreign investments into the country.
The country is not only witnessing a decline in foreign investment but also experiencing an exodus of foreign investors.
Obasanjo explained that the country also needed help securing funding to develop its telephone infrastructure due to his crucial role in facilitating the evolution of telecommunications and information technology in Nigeria.
He said, “We have had all sorts of companies invited from America, France, and Britain, and we did not get more than 500,000 lines. People had to queue at the telephone kiosk. And then the mobile telephone age came in.”
Obasanjo continued to recount the difficulties in setting up telecom in Nigeria’s early days, explaining that his administration eventually concluded that the only way to attract foreign investors was to auction the telecommunications sector.
“So, what we did was we auctioned it. Then, the three that came in first paid $280m for something about to be given away for $3m. And not only that, (because of auctioning) we achieved competition,” he said.
“Later on, we had a fourth (after MTN, Glo, and now Airtel), and Etisalat came last. When they came, I said, ‘The previous auction we did was $280m. Etisalat, if you want a line, pay $450m, they did. That is how we got money to do what we did then.
“And that opportunity can still be made available. The money to develop Nigeria is out there. But that money will only come in if we create a conducive atmosphere for that money to come in.
“What Nigeria had done in the good days when things were going well are still there and can still be done today, only if we put ourselves to it, are honest with ourselves, show the character and attributes, and the understanding and knowledge to make it to be the great country that God has created it to be. A land flowing with milk and honey. Not a land of insecurity and lack of prosperity, but where everybody can have enough for themselves,” he added.
Oketola, who bowed out as The PUNCH Editor in June this year, also delivered his exaugural lecture at the event, describing the two-in-one event as a significant milestone in his career as a journalist.
According to him, the exaugural event is not the end of his journalism career but a mark of the end of his career as an Editor of The PUNCH.
In his introductory speech at the lecture titled ‘Print Journalism in Peril: Challenging Times for Newspaper Editors,’ Oketola said, “This occasion marks a significant milestone in my professional journey—a journey that has spanned about two decades of dedication, resilience, and unwavering commitment to the ideals of journalism.”
Oketola said the media industry at this age faces critical challenges, especially with the advent of online journalism and social media, describing the moment as a time for industry players to re-strategise and harness the opportunities presented by the social realities.
He said, “As we gather here today, we find ourselves at a critical juncture in the history of print journalism. The industry faces unprecedented challenges—from the disruptive impact of social media to the evolving demands of our readership. Yet, in these challenges lie opportunities for innovation, reinvention, and a reaffirmation of the core values that define our noble profession.”
He stressed that his appointment as an Editor of the most widely read newspaper in Nigeria at a young age was a testament that long years of experience were not a criterion for leadership in the newsroom, as some media veterans held.
“This perspective (of being old to lead) is both flawed and detrimental to the dynamism of the media industry,” he said, adding, “Age is indeed just a number, and leadership capability is not determined solely by the length of time one has spent in the industry. Instead, leadership is shaped by dedication, creativity, hard work and often the grace of God.”
He added, “In Nigeria, some years ago, we had the ‘Not too young to rule’ mantra. In the media, we also have the ‘not too young to become a newspaper editor.'”
Prominent dignitaries and media stakeholders graced the event.
They include Rotimi Amaechi, former Minister of Transportation; Gbenga Omotoso, Lagos State Commissioner for Information and Strategy; Eze Anaba, President of the Nigerian Guild of Editors; and Sam Omatseye, Chairman of The Nation’s Editorial Board.
The Minister of Information and National Orientation, Alhaji Mohammed Idris, was also represented at the event.
The founder of the Love of Christ Generation Church C&S (Worldwide), Revd. Esther Ajayi was also present.
The event was chaired by former Chief Executive Officer Michael Ikpoti of MTN Nigeria, while the book review was done by the Convener of the Centre for Social Media Research, Dr Akin Olaniyan.
While speaking, the Commissioner for Information in Lagos State, Omotoso, said the state government was planning new innovations in ICT, which resonates with the title of the book being launched by Oketola.
Past and present staff members and management of PUNCH Nigeria Limited graced the event, including General Manager, Production, Olayinka Popoola; Ag. G.M., Corporate Services, Temitope Olusesan-Biala; Chairman, PUNCH Editorial Board, Obafemi Obadare; Editor, The PUNCH, Tunji Abioye; Editor, Weekend Titles, Samson Folarin.
