Read this on Nitel and if you are still holding on to your stocks on transcorp
Transcorp: NITEL boss resigns
06.03.2008
CHIEF Executive Officer of NITEL, Malam Ahmed Nahuche, on Wednesday resigned his appointment with Transnational Corporation (Transcorp), citing dwindling fortunes.
“I do not see any end in sight. I am left with no option but to tender my resignation, '' Nahuche wrote in a letter to Transcorp, dated March 5, 2008.
Nahuche is the fourth chief executive to head the company in the last one year following the resignation of Mr Steve Brookman, a British Telecom Consultant and Ms Funke Opeke, a former Chief Technical Officer (CTO) of MTN.
Mr Nicholas Okoye, an Executive Director in Transcorp, held fort briefly before the appointment of Nahuche on June 2, last year.
Brookman quit the position after Transcorp fell out with the British Telecom on partnership agreements, while Opeke, who conducted the due diligence on NITEL, resigned due to poor funding of the company.
Who cares about Nahuche? Could it be he was implicated somehow in the "botched coup"
of NITEL sale reversal? Sure Transcorp has been groping in the dark, but if he ran NITEL for
6 months and didn't think its staff strength was over-bloated, I wonder what kind of manager
he is then. That a so-called "CEO" doesn't see a problem with the Government "reversing"
a commercial transaction that is over two years old boggles the mind.
Now read this,
NITEL: FG, Transcorp open talks with Vodacom
By Everest Amaefule, Abuja
Published: Tuesday, 11 Mar 2008
There were indications on Monday that the Federal Government and Transnational Corporation have initiated moves to bring in Vodacom of South Africa as core investor in the Nigerian Telecommunications Limited and its mobile subsidiary, the Nigerian Mobile Telecommunications Limited.
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Chijama Ogbu
Group Managing Director/Chief Executive, Transcorp, Mr. Tom Iseghohi
The Federal Government, which currently holds 49 per cent equity, and Transcorp, which holds 51 per cent equity in the telecom companies, had recently agreed on the need to bring in a new core investor that had the expertise and resources to turn around the First National Operator.
According to the terms of the agreement, the new investor would be offered 51 per cent equity to enable it have a firm control of the management and operations of the telecom companies.
The 51 per cent will be contributed by the Federal Government, 24 per cent; and the Transcorp, 27 per cent. This will leave the Federal Government with 25 per cent, while Transcorp will retain 24 per cent.
Apart from Vodacom, which had at a time shown interest in NITEL along with its parent company, Telkom of South Africa, our correspondent learnt that two other European companies are also being spoken to as potential investors in the telecom firms.
The 25 per cent equity left for the Federal Government may be split between the Nigerian Communications Satellite Limited and Investors International of London Limited.
These are part of the recommendations of the Technical Committee of the National Council on Privatisation headed by the Vice-President, Dr. Goodluck Jonathan.
IILL had bid $1.317bn for 51 per cent equity in NITEL in the first attempt to sell the company in 2002.
However, it could not raise the money to pay for the shares when the Bureau of Public Enterprises invited
it to pay.
It lost the $100m it had paid as deposit for the transaction, and this might have formed part of the
reasoning to accommodate the company in the new shareholding arrangement.
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