Reversal of a Reversal


The Federal Government has retracted its earlier stance on the sale of the Nigerian Telecommunications Limited (NITEL) and its subsidiary, Mobile Telecommunications Ltd (MTEL) to Transnational Corporation of Nigeria (Transcorp) as it on Monday retained 51 per cent equity holding of Transcorp in the two telecommunications outfits until a new core investor is identified.

The Federal Government had on February 16 this year announced the reversal of the sale of NITEL and MTEL to Transcorp and also directed that investigations be carried out on the management contract of NITEL/MTEL by Pentascope, the current core investor.

Announcing the reversal, the Minister of Information and Communications, Mr. John Odey, said the measure was part of government's efforts in ensuring that due process and the Rule of Law were followed at all times.

Yar'adua PDP led government is confused cos that makes a decision and rescinds all because of OBJ who is the owner of Transcorp.

Really confused aptly describes SMY.