Skip to main content

BPE complete sales of NITEL/MTEL property to Lagos govt

The National Council on Privatisation (NCP), has approved the sale of a NITEL/MTEL Property located at number 3-5, Moloney street, Tafawa Balewa Square, Onikan, Lagos State.

This is contained in a statement signed by Chidi Ibeh, Head of Public Communications, Bureau of Public Enterprises(BPE) in Abuja on Friday.

Ibeh said the property was one of those listed for sale by the Liquidator of NITEL/MTEL Non-Core assets at the cost of N2.5 billion.

“Meanwhile, the property is presently encumbered by the activities of illegal occupants and the Lagos State Government has promised a harmless takeover of the property.”

He said the NCP chaired by the Vice-President, Yemi Osinbajo, granted the approval at its second meeting for 2023 held on Tuesday.

It would be recalled that NITEL was incorporated in 1984 but formally commenced operations in 1985.

NITEL was jointly owned by the Federal Government of Nigeria with 93.3 per cent share and First Bank of Nigeria Plc with 6.7 per cent.

However, MTEL was established in 1996 out of NITEL to provide cellular services.

It started a General System for Mobile communication (GSM) in March 2003 after NITEL transferred its GSM licence it acquired when the Nigerian Communication Commission first auctioned Digital Mobile Licences in February 2001.

Ibeh said the NCP, at its meeting on Feb. 27, 2012, approved the privatisation of NITEL and MTEL through “guided liquidation”.

He said under the guided liquidation strategy, all the core assets and business undertakings of NITEL and MTEL were to be sold as a single or multiple lots.

NITEL and MTEL were to be sold to a qualified bidder by the Liquidator under the general guidance of the NCP.

Ibeh said the strategy was adopted by the council after due consideration of other options, considering the previous failed attempts to privatise NITEL and MTEL through Strategic Core Investor Sale.

The council also considered the failed attempt to privatise NITEL and MTEL through Negotiated Sale strategies and the huge liabilities to creditors to the tune of over N300 billion.”

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

EFCC insists on presentation of Grace Tiaga's death certificate in P&ID case

Tiaga's counsel communicated the unavailability of the death certificate, requesting additional time. The Economic and Financial Crimes Commission (EFCC) is steadfast in its demand for the death certificate of the late Grace Tiaga, a former director of legal services at the Ministry of Petroleum Resources, to be submitted in court. Tiaga faced charges brought by the EFCC, alleging her involvement in receiving payments from Process & Industrial Development (P&ID) to manipulate the 20-year gas supply and processing agreement (GSPA) against Nigeria. The EFCC claims that these illicit payments were made through her daughter and persisted even after her retirement. The accusations extend to Tiaga's purported failure to adhere to due process while providing legal counsel on the GSPA. Initially facing eight counts of fraud, she was remanded to Suleja prison in 2019, later granted bail, and the charges were expanded to 13 counts. As the trial progressed, the prosecution p...
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more