The Federal Government of Nigeria has reported generating approximately $1.2 billion in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), since the introduction of mobile technology in the country.

These fees were instrumental in laying the foundation for Nigeria's telecom industry, which has become a vital component of the nation's economy since its inception in 2000.

Former President Olusegun Obasanjo made these revelations during the launch of a book and a lecture honoring Dayo Oketola, former Editor of The PUNCH, in Lagos on Tuesday.

He highlighted that his administration rejected an offer to sell telecom licenses for a mere $3 million, insisting instead on a fair market price of $280 million each for licenses sold to MTN, Globacom, and Econet.

Obasanjo remarked on the competitive landscape that emerged among the initial operators, stating, “When the first three mobile telecom companies came in, they were offered licenses at $280 million.

However, there were attempts to offer these licenses for just $3 million to friends of officials in the previous government.” He emphasized that while substantial progress has been made through these investments, creating conducive conditions is essential for attracting future investments and sustaining growth in the sector.

He noted that prior to mobile technology's introduction in 2000, landlines were predominantly used for communication in Nigeria, but access was limited and often regarded as a luxury.

Obasanjo recounted the challenges faced by Nigerians during this period, where fewer than 500,000 phone lines were available despite significant investment efforts.