Issue #24   •   Quarter 1 Edition   •   April 2018

 

As part of its efforts to revamp the telecommunication sector, the Federal Government, yesterday, handed over the Nigerian Telecommunication Plc (NITEL) and Nigerian Mobile Telecommunications (MTEL) to its preferred bidder, the NATCOM Consortium after five failed attempts to privatize the companies in Abuja. The asset which gulped the sum of $252.25 million earlier witnessed the strategic core investor sale of 51 per cent shareholding to Investors International London Limited (IILL) in 2001 followed by failed management contract by the Pentascope in 2002 and aborted Orascom Telecoms bid in 2005. Also speaking, the liquidator of the NATCOM, Otunba Olutola Senbore, emphasized that the assets sold to the NATCOM Consortium would be used for generating telecommunication services, hoping that NATCOM would create employment and add value to telecommunication services and products.