FG Approves Sale Of NITEL/MTEL For $252m

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The National Council on Privatisation (NCP) on Thursday approved the sale of the liquidated Nigeria Telecommunication Plc. and its subsidiary, Mtel, to NATCOM Consortium for $252million.

The Chairman of NCP’s Technical Committee, Mr Atedo Peterside, told State House correspondents in Abuja that the approval was one of the decisions taken at a meeting of the council presided over by Vice-President Namadi Sambo.

According to Vice-President Namadi Sambo, the ratification of the sale by the NCP marks the end of the entire bidding process and what is now left is to conclude the necessary documentation.

He noted that the NITEL/Mtel transaction was different from what happened with sale of power plants because Nitel was not ongoing concern, but a liquidated one and no longer in business.

“In view of this, the liquidator will through the court pay some verified claims of creditors of NITEL/Mtel, which, therefore, sidesteps the issue of third party creditors.

“But it does not preclude the government from settling any obligations it feels like,“ he further explained.



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