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NITEL Went Through Several Botched Sales And Management Turnaround Contracts- Atiku
By Chioma Okwu

The Presidential candidates of the Peoples Democratic Party PDP, Alh. Atiku Abubakar reconfirmed his plans to sell NNPC once he wins the presidential election. Atiku who was in Kaduna state, Thursday, for a town hall meeting with wards, local government, and state party leaders ahead of the 2019 Presidential election, made this known.

In his statement, he reconfirmed the plans he earlier made to Nigerians during his campaign to sell the Nigerian National Petroleum Commission NNPC if elected as the President.

The former Vice Pres. disclosed that the NNPC had failed in its duties and should be sold, he added he would sell it the same way former Pres. Olusegun Obasanjo sold the Nigerian Telecommunication Limited NITEL during his tenure.

According to him, selling the NNPC is the best way to get Nigeria working again.

Atiku while speaking on how the sale of NITEL was done under former Pres. Obasanjo said

“Under Obasanjo, NITEL went through several botched sales and management turnaround contracts. First, 51 per cent of the shares was sold to a group of investors under the trading name of Investors International London limited.

He added that the sale was cancelled after the investors failed to pay but in 2003, the government approved a management change contract with a firm called Pentascope.

“The contract was again cancelled in 2005 after it became clear Pentascope did not have the adequate resources to run NITEL,” he said.

“In 2005, government again offered NITEL to Orascom. This failed again, leading the government to sell it to a subsidiary of Transcorp in 2007.

“The sale was revoked in 2009. In 2014, the firm was sold to NATCOM, a group of investors led by Tunde Ayeni. Ayeni since then has been running it as NTEL.”

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