...News is Here

NITEL/MTEL handed to new owners


Following the approval by the national council on Privatisation,(NCP) chaired by the vice president Namadi Sambo, the council has handed over NITEL/MTEL to NATCOM consortium the preferred bidder.

According to the deputy chairman of the council, Haruna Sambo, ‘today at the council meeting the council approved the hand over to NATCOM consortium having paid the cost of acquisition. By this approval, the process has come to a closure and the council has mandated the BPE to hand over the two companies to the preferred bidder of course, after all other outstanding issues are taken care of. With this, the transaction has come to an end and the bid winner NATCOM consortium.’ The NCP had earlier approved the NATCOM consortium as the preferred bidder with the payment of $252.251m.

The permanent secretary of the ministry of power said that 98% of all entitlements and terminal benefits which includes gratuity, pension, death and insurance  of ex PHCN staff had been paid and the remaining 2% will be paid once the biometrics are completed.