NATCOM takes over NITEL, Buhari urges review of deal

Mergers, Acquisitions and Financial Results

Yet again, the nation’s former telecommunications giant, Nigerian Telecommunications Ltd (NITEL) and its mobile subsidiary, Mobile Telecommunications Ltd (MTEL) changed ownership as the Federal Government formally handed it over to the new core investor NATCOM Consortium Development and Investment Ltd.

This followed a successful conclusion of a guided liquidation transaction by the Bureau of Public Enterprises (BPE) under the supervision of the National Council of Privatization (NCP) headed by the Vice President, Architect Namadi Sambo on December 3, 2014 where NATCOM emerged as the winner by offering $252.25million for the assets. Meanwhile, over $1billion dollars is required to revive NITEL and MTEL.
Read the full story in The Guardian here: