NATCOM acquires telecoms company for $252m

At the first meeting the National Council of Privatization will hold this year- and the last to be held under the present administration, which held today, the transfer of NITEL/MTEL to the NATCOM Consortium, whose bid for the ailing company was successful, was approved.

The approval came on the heels of the council’s securing NATCOM’s two hundred and fifty two million Dollar ($252,000,000) payment for ownership of the formerly state owned company.

At the meeting, held in Abuja, the Vice President NamadiSambo, directed the Bureau of Public Enterprises to commence the transfer of all the company’s assets to the new owners.

In addition to deliberating on key decisions and pending issues that require approval, the council also took itinerary of all of its activities since it was inaugurated.

The highlight of the three hour meeting however, was that after the council had conducted its due diligence, the NATCOM consortium is officially the new owner of NITEL/MTEL.