Ovia, Zenith Bank’s Boss, Chinese Firm’s Deal Collapses …Why he returned Jonathan’s Controversial N3bn Digital Dividend Spectrum

Related stories

Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in Oyo

Kicks Off State-wide Consultations By Abiola Olawale Minister of Power,...

Osun Guber: Davido’s Uncle, Adeleke Quashes Defection Rumours

Says he stands firm with PDP By Abiola Olawale Osun...

Zamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal

Governor Weighs options In what has been described as...

Natasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court’s Ruling

By Abiola Olawale The Nigerian Senate has outlined conditions for...

 

Billionaire businessman and Chairman of Zenith Bank Plc , Mr Jim Ovia’s partnership deal with a global Chinese telecom Company (Name withheld) has been repudiated following the former’s quiet return of controversial Digital Dividend 900MHz Spectrum issued to his company, Cyberspace by former President Goodluck Jonathan. Cyberspace,  a Lagos-based ISP, was issued the spectrum in very controversial circumstances. Experts say the issuance was a clear breach of   industry procedures. It was issued at a paltry sum of N3billion.

Ovia, the founder of Zenith Bank had upon receipt of the  spectrum from the Nigeria Communications Commission(NCC) entered into a partnership with an international Chinese firm to launch nationwide and worldwide, with the Chinese company providing  technical  support to Ovia’s Cyberspace.

Cyberspace paid the N3billion in March 2015.

High-level diplomatic sources at the Chinese Embassy in Nigeria told in The New Diplomat that the “partnership was later repudiated because there was no spectrum to run with as Mr Ovia had returned the digital dividend spectrum 900MHz to the NCC following the election of President Muhammadu Buhari   and his subsequent swearing into Office on May 29th last year.  And given Buhari’s no-nonsense posture to issues of transparency, it was feared that the deal could be probed by his incoming administration.’’

A top Diplomat  and a Presidency official told The New Diplomat that the idea behind Cyberspace partnership deal with the Chinese firm was to enable Ovia’s firm go global since its original area of coverage was Lagos.

“Cyberspace, a fully-owned ISP based in Lagos belonging to Ovia covers only Lagos. So when he (Ovia) acquired Spectrum 900MHz, an action that generated so much public outrage and petitions in the industry, there was genuine concern in high quarters. The idea was to bring the Chinese firm on board to provide technical capability backing to enable Cyberspace launch nationwide and globally. But those were some of the grave ethical mistakes committed by former President Jonathan. Experts and those who are very knowledgeable in the industry believe that that 900MHz Spectrum which was handed over to Ovia’s company without public auction or public bidding at a meagre sum of N3billion could rake in as much as N100 billion if it is thrown open to public bidding process or public auction,” the official said.

Ovia had quietly returned the spectrum to the NCC as soon as President Buhari assumed Office. The NCC, then under Mr Eugene Juwal’s (a man believed to have been recommended to Jonathan by Ovia) had accepted the returned spectrum fearing that Buhari would not tolerate clear breach of ethics.

The Digital dividend enables telecom companies and internet service providers to launch faster mobile broadband services. The spectrum became available after the International Telecommunications Union (ITU) directed the broadcast industry to migrate from analogue to digital by June last year. The migration consequently freed part of the electromagnetic spectrum previously used for analogue broadcasting and this spectrum is coveted by telecoms companies worldwide.

 

By The New Diplomat Economic Intelligence Desk
By The New Diplomat Economic Intelligence Desk
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Amid Several National Grid Collapse, Power Minister Adelabu Unveils Ambition to Succeed Makinde in OyoOsun Guber: Davido's Uncle, Adeleke Quashes Defection RumoursZamfara 2027: Intrigues As ADC Extends Invitation to Governor Dauda Lawal$4.2m Covid-19 Scam: Nigerian Pastor Goes to Jail, Osun Monarch, Oloyede Forfeits Assets in US As Crackdown BeginsNatasha Akpoti-Uduaghan: Senate Stipulates Terms for Reinstatement After Court's RulingTinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial Posts
X whatsapp