Saturday, April 21, 2007

MTS Crisis

I was reading about this again yesterday. MTS under new management again? Fresh ideas again? Abeg. Who are we kidding here. The wise thing for the PTB (*powers that be*) in this company would be to sell off its assets, everybody split the money, go their different ways and maybe even start new ventures to renew an ego or two. Anyone following the telecoms industry in Nigeria over the last 6 years, and that of MTS’ most especially, know that this company has been hemorrhaging almost since its inception. Almost 2 years ago they hired an experienced squad to turn things around, which would have been a miracle by all accounts, taking the insurmountable level of debt, bad blood and checkered history involved. They came in and tried and obviously were stifled by even more red tape and anti-progress factions. The “entire” upper management team resigned! Doesn’t that tell you something? But the papers quoted the situations as
“industry players described yesterday as curious why an entire senior management team should resign in droves and for the board to accept such resignation may have been "a clear vote of no confidence on the senior team."
Sources were silent on what led to the resignation but insider sources explained that the team may have been asked to go "because the company was wobbling and if not checked now may not be able to compete fully in the emerging market and capitalisation process."

Pleasssse!! Give me a break. If the Dem and his team couldn't turn it around, I doubt that this new 'management' can! All I have to say us take a cue from the folks that sold out or 'recapitalized' at Intercellular. $258 Million. Enough to make any PTB in Naija happy I'll bet. Call me biased. I am infact.

Read for more info here: http://www.guardiannewsngr.com/business/article02

2 comments:

olawande said...

Board room politics generally, and especially around here, can be quite mind-boggling! Difficult to tell if it was a protest resignation or a 'sack'.

Saymama said...

The whole MTS thing I find bizarre. And it's a shame because I was looking forward to them being a model of what a real company turnaround could look like in the Nigerian business environment. I guess I'd have to cast my net elsewhere :-)
I think your blog's neat.