A review of the recent sale of state-run telecoms operator Nitel has been ordered by Nigeria’s Acting President Goodluck Jonathan following controversies surrounding the deal. The bidding for Nitel was won by the New Generation Telecoms Company, a consortium of local and foreign firms last month with an offer of USD 2.5 billion. Later, consortium’s technical partner denied any knowledge of the deal.

A seven-member panel has been set up by Jonathan headed by Justice Minister Adetokunbo Kayode to review the sale. Recurrent issues surrounding the sale would be investigated by the panel and it will report back to the NCP (National Council on Privatisation) by March 20.

Previous attempts to sell off the government’s stake in under-performing Nitel and its mobile subsidiary Mtel has already ran into hitches. In 2006, sale of 51 percent of the company to a local firm for USD 500 million was decided but it was cancelled last year after the government accused the buyer of failing to turn around the debt-ridden and mismanaged company.


http://wirelessfederation.com/news/23266-nigeria%E2%80%99s-acting-prez-orders-review-of-nitel-sale/

I smell corruption awaiting Nigerians. . .

Mama-gee na your yansh dey smell any small thing na corruption take time make you try dey smell better thing o make you no go wound o.

buisness in naija - this is why most investors are fixated on projects that will yield dividends within an administration - all bets are off when the next administration comes in.

Why should any right thinking nigerian doubt the shadiness of the deal with the glaring saga of HALLIBURTON that they are trying to sweep under carpet till this moment without bringing the culprits to book.

Nigeria is ran by criminal syndicates and for a business of such magnitude to have taken place millions of dollars must have changed hands in the dark.