NCP Approves Sale of NITEL and MTEL Properties in Lagos
The property was listed at the cost of N2.5 billion and is reportedly encumbered by the presence of illegal occupants
The National Council on Privatisation (NCP), chaired by Vice President, Prof. Yemi Osinbajo, has approved the sale of assets formerly owned by Nigerian Telecommunications Plc (NITEL) & Nigerian Mobile Telecommunications (MTEL), located in Onikan, Lagos.
The property was listed at the cost of N2.5 billion and is reportedly encumbered by the presence of illegal occupants.
The government has promised a smooth takeover process.
NCP approved the liquidation of NITEL & MTEL at its February 27th, 2012 meeting, due to previous failed attempts to privatise both companies as well as an overwhelming debt burden of over N300 billion.
This strategy involves selling all core assets and businesses of both firms either together or in multiple lots to a qualified bidder.
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