HOUSE OF REPS TO PROBE NITEL/MTEL TAKEOVER

The House of Representatives has mandated its Committees on Telecommunications and Privatization to conduct a comprehensive investigation into the liquidation and takeover of Nigerian Telecommunications (NITEL) and Mobile Telecommunications (MTEL) by NATCOM consortium.
The resolution by the House is sequel to a motion sponsored by Hon. Henry Nwawuba during Thursday’s sitting.
The House was the worried that since the sales and subsequent takeover of the companies by NATCOM, lots of controversies have been raised about the processes leading to the sales, particularly about the alleged under-valuation of the companies prior to their sales.
To this end, a voice vote was thrown on the floor by Speaker Yakubu Dogara and it went in favour of the majority. The motion which is expected back to the House in eight weeks was however referred to the House Committees on Telecommunications and Privatization for further legislative input.
It would be recalled that in December 2014, NITEL and MTEL was sold to a consortium named NATCOM for the sum of $242.3million by the Bureau of Public Enterprises due to its mismanagement.