Nigeria: Danjuma takes over as ntel Chairman after buying ‘significant’ shares

Telecoms

ntel, the successor company of Nigeria’s pioneer national operator, Nigerian Telecommunications Limited (NITEL), has landed “significant investment” from General TY Danjuma, who has taken over as Chairman of the telecoms company.

Kamar Abass, ntel’s CEO, confirmed this today in a company statement to Technology Times that the new Chairman who succeeds Dr. Tunde Ayeni, the prime mover behind the purchase of NITEL using the investment vehicle of NatCom Development & Investment Limited “NatCom” (now trading as ntel).

NatCom CEO, Abass says the telecoms company will be investing in telecoms upgrade and expansion projects totalling over $1billion by 2020.

The ntel CEO did not disclose the volume of stakes bought in the telecoms company, ntel, by Danjuma, who was Nigeria’s Minister of Defence under ex-President Olusegun Obasanjo, but says that, “as our new chairman, and as a shareholder, we welcome his support as we add momentum to our growth and development in Nigeria’s telecoms industry.”

Danjuma chaired the inaugural board meeting of ntel today amid the telecoms company’s plans to begin network services in Port Harcourt, Rivers State by early Q4 2016.

NatCom CEO, Abass says the telecoms company will be investing in telecoms upgrade and expansion projects totalling over $1billion by 2020. Read the full story in Technology Times here: