FG, Transcorp Agree on NITEL Sale

The controversy trailing the revocation of the sale of Nigerian Telecommunication Limited (NITEL) and its mobile subsidiary, Mobile Telecommunication Limited (M-Tel) to Transnational Corporation of Nigeria Plc (Transcorp) was yesterday laid to rest with the federal government and the management of Transcorp agreeing to bring in a new core investor.
This was part of the four-point agreement contained in a communiqué signed by the Minister of Information and Communications, Mr. John Odey and the Group Managing Director of Transcorp, Mr. Tom Iseghohi after a meeting by both parties.
The two parties also agreed that the new core investor must be an industry top player with the requisite focus, technical expertise, managerial experience and financial capacity necessary for turning around NITEL.
A presidential source said yesterday's agreement tallied with what Transcorp had agreed with President Umaru Yar'Adua, prior to last weekend's bungling of the announcement by Odey on the intent of government for the telecommunications firm.
The communiqué reads: "The Federal Government and Transcorp representatives met this morning on NITEL/M-TEL and agreed to do everything possible - following due process and rule of law - to resuscitate NITEL/M-TEL into a viable and profitable world class telecommunications company providing quality service to the Nigerian public.[+]