The new owners of Nigerian Telecommunication Limited (NITEL), NATCOM Development and Investment Limited, and its sister company, Mobile Telecommunication Limited (Mtel), has reportedly spent about $1 billion to revive the beleaguered national carrier.

The chairman of NATCOM, Mr Olatunde Ayeni, said that the funds and other efforts would see the company engage 4,000 employees by March as it sets to roll out its mobile lines and 4G/LTE services for broadband users.

Ayeni told House of Representatives Joint Committees on Communication and Privatisation that his company would begin a phased rollout from Abuja, Lagos, and Port Harcourt before expanding to other parts of the country.

He disclosed that the initial financial bid was increased to $252.251 million from $221 million when juxtaposed with the liquidator’s reserved price of $256 million.

NATCOM acquired assets and licences of NITEL and MTEL, percentage interest held in South-Atlantic 3 (SAT-3) consortium, and identifiable assets capable of generating viable business units.

“NATCOM’s full submission was duly made to NITEL/MTEL’s liquidator and Nigeria’s Bureau of Public Enterprises on November 7, 2014. NATCOM’s submission was accompanied by a bid bond to the tune of $10 million as stipulated in the liquidator’s RFP,” he said.

He disclosed that $10 million had been spent on SAT-3 system, quarterly dues to the consortium, system expansion and upgrade since the acquisition, adding that the Nigerian Communications Commission had assigned another set of microwave frequency ranges to NATCOM upon request for N176.8 million, computed on the basis of 800 base stations network in the first instance.

NATCOM was requested to pay an additional N6.6 billion to bridge the shortfall of the value of the naira to the dollar from N168 to N197 after the payment of the first installment of 30 per cent of the bid price within 14 days of approval by the National Council on Privatisation (NCP) and balance within 90 days, Ayeni said.






http://leadership.ng/news/493236/natcom-injects-1bn-nitel-begins-operations-march

In this telecoms stiff competition abi? Make we dey see.

They better hurry up & let's see what they have to offer!

I need to reactivate my Mtel line be that!


BTW

Nigeria don't like homemade products, Ask everyone of their Phone lines, they will give you

Airtel - India owned

MTN - South African Owned

Etisalat - UAE owned

but hardly before a Nigerian give you

Glo - Homemade

Mtel - Homemade

A beg let's buy these our homemade products and encourage our Own!

Maybe that's a reason they are dealing with mtn.

May God give them power and strenght to upgrade the network, so that they would be alot of competition among the netwok.
BLESSED RAPH

Heard their 4g LTE will lowest price in the history of naija, I'm still waiting sha...

Can't wait for them to crash call rates further.
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This is really nice. If NITEL can work well in Nigeria, exporting it to other countries will be the next move.

Hahahahahhahahahahahahahahahahahahahahahhahahahahahahahahahah...what a funny story

This will be nice for the country. Rates will crash which would be good for all of us.

Hopefully the same competition can be seen in the pay TV sector soon.

Hope it's not verbal injection


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Mtel is back! I can't wait

Make them show me their data plan first.

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I HOPE THEY WILL GIVE ME 1GB FOR #50 ONLY.
IF NOT STILL STICKING WITH MY MTN #70 FOR 5GB

Begin operation?,when dem see the staff wey dem wan use?.

The part about them creating 4k jobs is very very welcome. Good luck to them.

If una want start operation make una start o