In this latest installment of Corporate Stories, we are going to tell the story of a young man, who dared to take on a mighty monopoly with his start-up.
The story navigates through the murky waters of corporate competition. It is about displacing a corporate monopoly and the perils of riding that success.
It navigates the intersection between crony capitalism, patient capital and executive exuberance. It serves as a lesson for any self-determined visionary out there who is building a start-up to take on the next vulnerable monopoly.
Defeating the monopoly
“Power is about to change hands,” a newspaper headline read in late 2006.
A week before then, on November 6, 2006 to be precise, a competitive bid was being held somewhere in the United Kingdom. For the first time, a “proudly Nigerian owned” company was about to displace a foreign owned monopoly that had cornered Africa’s largest market for about 13 years.