FG APPROVES NEGOTIATED SALE FOR NITEL

By NBF News
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ABUJA - The National Council on Privatisation, yesterday approved the negotiated sale strategy for the privatisation of the Nigerian Telecommunications Limited, NITEL.

With this approval, the Bureau of Public Enterprises, BPE, would now begin a new process for the sale of the premier national carrier, which has suffered several failed attempts.

A Presidency source told Vanguard: 'With this development, firms that have requisite expertise and financial muzzle would be contacted to come forward and bid.'

It was gathered that serious due diligence would be done on the firms to be allowed to participate in the process given that for over 11 years, attempts to sell NITEL, from International Investors London Limited, IILL, to New Generations Consortium, have failed.

Earlier at the inauguration of the council, President Goodluck Jonathan had tasked the body to focus more on job creation, strict monitoring of privatised companies to ensure they comply with existing agreements.

Jonathan has directed that henceforth all privatisation agreements must include the monitoring of activities of privatised firms by the NCP to ensure that objectives of the exercise were not undermined.