LAGOS: After series of failed efforts to sell off telecommunications company NITEL with its debts over the past 11years, the Federal Government has decided to liquidate it. NITEL and its mobile arm M-Tel would be sold through “guided liquidation” in view of the company's huge liabilities, the Bureau of Public Enterprises said in a statement. This process was approved by the National Council on Privatization, headed by Vice President Namadi Sambo, at a meeting on Monday after considering a report by one of its committees. “The TC recommended that ‘guided liquidation' should be adopted as the strategy for the privatization of NITEL/M-Tel in view of the huge liabilities of both companies and that there was no viable financial alternative presented by the management of NITEL/M-Tel,” said spokesman for BPE, Chukwumah Nwokoh. He added that the NCP supported the recommendation of the Technical Committee that opted for ‘guided liquidation'. In spite of the revenues not accounted for, “the management of NITEL/M-Tel had been obtaining their salaries from the Federal Government of Nigeria. Consequently, the NCP directed the Sub-Committee of the Technical Committee on Information, Communication, National Facilities and Agric Resources to immediately carry out investigations and ensure that all revenues received were accounted for.” Speaking to Daily Trust, the president of the Senior Staff Association of Communications, Transport and Corporations, Elias Kazza, said privatization efforts on NITEL failed due to the selfish interest of some Nigerians. BM ShortURL: http://goo.gl/SmYVS Tags: Liquidation, Nigeria, Nitel Section: Africa, Business, Latest News, Tech
