Nitel liquidation stalled
TELECOMSBy BiztechAfrica - March 16, 2012, 11:37 a.m.
The liquidation of Nigeria’s embattled telco, Nitel, has been put on hold to allow for full investigations to be concluded.
The Nigerian Council on Privatisation decided last week to approve the liquidation of Nitel and its mobile arm, following years of failed attempts to sell the loss-making operator.
However, Members of the House of Representatives have now directed the National Council on Privatization and the Bureau for Public Enterprises (BPE) to suspend the liquidation pending investigations.
Concerns have been raised that the liquidation and sale of assets may realize too little revenue, with proposed price tags far below the current value of a GSM licence.
Former employees of Nitel have also raised objections to the planned guided liquidation of Nitel, saying those responsible for losses the company have suffered should be exposed.
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