Sambo Receives Report On Nitel/Mtel Restructuring: nearly 3,000 jobs to go

Mergers, Acquisitions and Financial Results
Vice President Namadi Sambo last weekreceived the report of the reactivated Presidential Task Force on NITEL/MTEL restructuring. Receiving the report at the State House, Abuja, the Vice President promised to forward the far-reaching recommendations to President Goodluck Jonathan for implementation. He said the Federal Government would work on the sale of the company and explore other revenue sources to address the problems enumerated by the Task Force. Sambo also commended the task force for a thorough job. The Chairman of the Task Force and Minister of Labour, Chief Chukwuemeka Wogu, said the issues of outstanding salaries and allowances owed NITEL/MTEL staff were addressed. He said from the three options open to the Task Force, it recommended the disengagement of all staff and re-engagement of few transition staff. "The Task Force recommends the disengagement of all current employees and immediate re-engagement of 445 transition staff from the 3,389, with a monthly wage bill of N115.5 million from the current N695 million. "The transition staff will remain to hand over to a new core investor while maintaining the existing security arrangements," he said. He urged government to immediately release the sum of N51.692 billion to execute the downsizing exercise.