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Government sells NITEL to NATCOM

29 April 2015, 16:05

Abuja - The Federal Government, yesterday, formerly handed the Nigerian Telecommunications Limited, NITEL, and its subsidiary, Mtel over to NATCOM Consortium after the full payment of $252 521,000 (about N42. 4 b) bid price to acquire the assets and business units of the nation's premier telecommunications company, Punch reports.

At a ceremony attended by notable personalities in the privatisation circle, the Bureau of Public Enterprises handed over the instruments of ownership and licence of operation to the Chairman, NATCOM Consortium, Tunde Ayeni, who said over $1bn (about N2tn) would be required to revive the company.

Speaking at the ceremony Vice President Namadi Sambo, who chairs the National Council on Privatisation, said the formal handover was a clear indication that where there was focus and determination, there would be a way.

Sambo listed the several failures in the past to privatise the company alongside its mobile subsidiary and added that the success this time round was a reflection of the determination of the NCP and BPE to increase competition in the telecommunications industry.

Read more at Punch

- News 24

Tags natcoms nitel

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