Imported User:
The House of Representatives, yesterday, rejected a motion seeking the privatisation of the Nigerian Telecommunication Limited (NITEL) and its mobile subsidiary, Mobile Telecommunications Limited (MTEL). Instead the federal lawmakers insisted that the federal government keep control of the telecoms giant for national strategic reasons.
According to a motion sponsored by Rep. Chris Emeka Azubogu (Anambra/APGA) the expectation of a single investor in NITEL/MTEL was becoming increasingly untenable, hence the need for NITEL/MTEL unbundling and separate sale of its assets.
“It is becoming unrealistic to expect a fair market value for the full price of Nigerian Telecommunication Limited (NITEL) and Mobile Telecommunications Limited (MTEL) especially as investment conditions in Nigeria and around the World are yet to improve since the capital and financial market crises of 2008,2009 and 2010,” Azubogu submitted to lawmakers in his lead debate.
