NITEL PRIVATISATION TERMINATED AND TECHNICAL BOARD TO BE APPROVED

The Federal Government announced on Monday, June 1, 2009, the revocation of the sale of  Nigerian Telecommunications Limited (Nitel) and its mobile subsidiary, M-Tel, to Transnational Corporation (Transcorp) Plc, citing “breach” of contractual terms.

The revocation came at the meeting of the National Council on Privatisation (NCP) presided over by the Vice President Goodluck Jonathan at the Presidential Villa, Abuja.

The NCP also said that a technical board will be put in place to manage the affairs of the moribund telecommunications companies until a new core investor was engaged.

MORE NEWS>>>