The Collapse of NITEL
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Nigeria
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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