The Collapse of NITEL
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April 2026
Why Government-Owned Businesses Fail
How misaligned incentives, broken feedback loops, and soft budget constraints turn assets into liabilities—and activity into loss. Government-owned businesses rarely fail for lack of importance. They operate in sectors that are essential: power, transport, aviation, steel, water. Demand exists. In many cases, demand is overwhelming. Yet across countries—and with particular clarity in Nigeria—the pattern repeats:
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Why Etisalat Was Doomed Before It Failed
A case study in currency mismatch, capital structure fragility, and the inevitability of failure long before it became visible. Corporate failure is often described as a sudden event. A missed payment. A default. A takeover. But these moments are not the beginning of failure. They are its final expression. The case of Etisalat Nigeria illustrates
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Why Companies Fail Before They Fail
How structural weakness accumulates silently—and why collapse is almost always a late-stage event. Corporate failure rarely begins at the moment it becomes visible. By the time a company misses debt payments, reports large losses, or enters restructuring, the failure has already occurred at a structural level. The collapse is not the cause. It is the
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The 5-Minute Fragility Scanner
The 5-Minute Fragility Scanner A practical diagnostic tool for seeing structural weakness before failure becomes visible. Most failures announce themselves late. By the time a company misses a debt payment, reports a cash crisis, restructures its obligations, or asks for emergency support, the real failure has usually already happened. The visible event is only the
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