Business
NITEL/MTEL:FG Wants New Investor In 60 Days
The federal government has ordered the interim board of the NITEL/MTEL to complete the process of appointment of new care investors for the company within 60 days.
The 51 per cent equity stake of Transnational Corporation (Transcorp) in Nitel/Mtel had earlier in the year been revoked by the federal government, citing a breach of the Share Sale Purchase Agreement (SSPA) among others.
Inaugurating the interim board chaired by Ammuna Ali, permanent secretary Ministry of Information and Communications, at the presidential villa, Abuja, Vice President Goodluck Jonathan warned that on no account should the board embark on new projects until the company is handed over to the new core investor.
Jonathan said “the president has given an unwritten order that we must conclude the privatisation of Nitel and Mtel with 60 days, but if we cannot achieve what we have to do within the 60 days, we can write to him and explain”.
We must do that even if it means not sleeping. It must be concluded.
“The Bureau of Public Enterprises (BPE) must do all what it takes in conjunction with the National Council on Privatisation to see that we conclude the privatisation.
“It must be done in a clear way that Nigerians should see that the privatisation process is done properly as we can no longer afford to make any mistake,” Jonathan said.
“You do not need to go into new investments, but if there are some critical things you need to do you can clear with my office,” Jonathan said.
Other members of the board are Christopher Anyanwu, director general, Bureau of Public Enterprises (BPE); Steve Oronsaye, Head of Service of the Federation, the yet to be appointed acting managing director of Nitel; Ibrahim kashim, director, Information and Communication, BPE; Sam Worlu, Senior Special Assistant on Economic Matters to the Vice President to represent Jonathan on the board; a representative of the NCP and the managing director, NigComSat Limited.
The board was put in place by the federal government to carry out the day to day running of the moribund telecommunications company pending the appointment of another core investor.
Jonathan acknowledged that the issue of Nitel/Mtel “is something that had been very disturbing to the nation”, stressing that President Umaru Yar’Adua directed that the interim board be inaugurated as soon as possible to fast track the process of appointment of the core investor.
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