Nigeria News

NIGERIA: NCP Approves Sale of NITEL to NATCOM

 The National Council on Privatisation (NCP) on Thursday formally approved the sale of NITEL and its mobile subsidiary, MTEL, to NATCOM Consortium through a guided liquidation process.

Vice-President Namadi Sambo presided over the council’s fourth meeting held at the Presidential Villa, Abuja.

Mr. Atedo Peterside, Minister of Mines and Steel Development, Musa Sada, and the Director-General of the Bureau of Public Enterprises, Mr. Benjamin Dikki, jointly briefed State House correspondents shortly after the meeting.

Peterside said documentation and payments would come next since approval of the sales had been given.

“At the end of the privatisation exercise, there was one bidder. Two were pre-qualified initially but only one attained the pass mark. That was NATCOM Consortium with $252 million.

“The NCP has confirmed the process. We now have a preferred bidder ratified by the NCP.

“Usually, what follows now are documentation and payment.” Peterside added.
On his part, Sada disclosed that monitoring and evaluation of the entities that had been privatised were also reviewed by council.

The minister stressed that the exercise became necessary as it would guarantee the meeting of objectives of privatisation by the federal goverment.

According to him, companies evaluated by the reports are doing well, adding that council observed that the companies should be supported through government policies.

Leave a Reply

Your email address will not be published. Required fields are marked *