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FG Approves Sale Of NITEL/MTEL For $252m - Business - Nairaland

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FG Finally Sells Nitel/mtel For $252m / Finally, NITEL Gets New Buyer. / Reversal Of Nitel/mtel's Sale To Transcorp: What Do U Think? (2) (3) (4)

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FG Approves Sale Of NITEL/MTEL For $252m by bugs1: 10:19pm On Dec 18, 2014
The National Council on Privatisation (NCP) on Thursday approved the sale of the liquidated Nigeria Telecommunication Plc. and its subsidiary, Mtel, to NATCOM Consortium for $252million.

The Chairman of NCP’s Technical Committee, Mr Atedo Peterside, told State House correspondents in Abuja that the approval was one of the decisions taken at a meeting of the council presided over by Vice-President Namadi Sambo.

According to Vice-President Namadi Sambo, the ratification of the sale by the NCP marks the end of the entire bidding process and what is now left is to conclude the necessary documentation.

He noted that the NITEL/Mtel transaction was different from what happened with sale of power plants because Nitel was not ongoing concern, but a liquidated one and no longer in business.

“In view of this, the liquidator will through the court pay some verified claims of creditors of NITEL/Mtel, which, therefore, sidesteps the issue of third party creditors.

“But it does not preclude the government from settling any obligations it feels like,“ he further explained.

Read Full Story
http://monitor9ja.com/2014/12/fg-approves-sale-nitelmtel-252m/

3 Likes 1 Share

Re: FG Approves Sale Of NITEL/MTEL For $252m by ojayfrancis(m): 10:25pm On Dec 18, 2014
Nawa
Re: FG Approves Sale Of NITEL/MTEL For $252m by eunisam: 10:45pm On Dec 18, 2014
so happy i have my mtel line but no network service. Porting etisalat,mtn,airtel to mtel.
Re: FG Approves Sale Of NITEL/MTEL For $252m by holatin(m): 11:13pm On Dec 18, 2014
why can they resurrect it ?
Re: FG Approves Sale Of NITEL/MTEL For $252m by kestolove95(m): 11:15pm On Dec 18, 2014
gej knows his leavin next year so his selling evritin very soon he will sell aso-rock..dix man don tire mi nd my unborn children.

19 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by SuperModerator: 9:14am On Dec 19, 2014
Privatisation is the only thing PDP lead Government know how to do.

later, they will say GEJ performed than all our previous leaders... I will always ask who built those infrastructures he is privatising if not the previous leaders

he keeps selling what Nigeria spent years and money to build to his proxies

here is one of my previous posts;

SuperModerator:
I decided to write this because of the recent sale of NITEL, the topic was on front page and I saw so many comments like;
GEJ is working
GEJ till 2019...

I don't blame the people that made those comments, I only blame their ignorance.
If only they knew that NITEL is still very much functional and it breaks my heart to see it sold.
If only they know the disadvantages of privatisation.

I will take my time to state my own view of privatisation based on my knowledge of Economics. ( I didn't study economics though, I studied Accounting)

I have always stood on my opinion that mixed economy system is the best, contrary to the popular believe that capitalist system is the best.

Let me explain the both to you.
A Capitalist system is where means of production are controlled and owned by private individuals.
While in a Mixed economy system the means of production are controlled by both the state and private individuals.

Nigeria practices mixed economy system but gradually shifting to capitalism through privatisation. ( which actually pains me a lot)

I feel some industries are better of owned and controlled by the government like; Electricity, Airports, seaports, logistics, mining, production of essential commodities like; Electricity, water...

The major reason why I hate privatisation is because it makes it things actually more expensive.
Private firms are profit oriented, so they are in the business to make profit
Government is not profit oriented, they are only interested in breaking even or making little profit

Private firms do pay tax, thereby adding to the cost of their services/goods
Government doesn't pay tax, so the cost of their service is relatively low.

Now, where am I driving to?
In a mixed economy system, essential services are meant to be owned/controlled/rendered by the government.
Most industries depend on these essential services like electricity, logistics and others.
If they are owned and controlled by the government, they will come at low cost.
So most industries will be able to operate under low cost of production which will bring about low selling price from these industries.
If electricity and the rest are owned and controlled by private firms, cost of production will be too high leading to high selling price from our industries.

Nigeria should stop privatisation specially now the price of oil has fallen.
To protect our currency, we need to export more products and we can only achieve that if we have comparative cost advantage over other countries

We can only have comparative cost advantage over other countries if cost of production is low in Nigeria.
Let me use a country I admire so much as a case study (China)
China is the country that experienced the fastest development ever.
How did China achieve this?
They found the perfect blend for socialist and capitalist economy, they were formally practicing a socialist economy system and they were among the poorest Nations on earth.
They experienced revolution when they somehow found a way to mix capitalist with the socialist system of government which is mixed economy system (same thing Nigeria is practicing, only that we are not doing it right)
In China, telecommunication, electricity, logistics... Are all owned and controlled by the government. That's one of the reasons they have the lowest cost of production in the world and it's the same reason almost all companies are moving to China (LG, Nike, Apple...)
They moved to China because of the low cost of production.
Have you ever wondered why to send like a 1kg parcel from China (which is not even in Africa) to any state Nigeria via post is cheaper than send the same parcel from Lagos to Anambra (registered mail)?

My Conclusion; if Nigeria wants to be an exporting Nation, the privatisation should stop. Except we want to continue exporting only raw materials.

Forgive and neglect my wrong constructions of sentences and punctuations, I typed all this with a phone

_jayseehe

27 Likes 2 Shares

Re: FG Approves Sale Of NITEL/MTEL For $252m by chenbravo(m): 9:14am On Dec 19, 2014
Sfg,watz the essence....fraudsters!!!
Re: FG Approves Sale Of NITEL/MTEL For $252m by slightlyMad(f): 9:15am On Dec 19, 2014
we need to kick cluelessness out before we sells everything

2 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by Nobody: 9:15am On Dec 19, 2014
They r just selling n selling. Soon the name Nigeria 'Would be for sale for the highest bidder.

3 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by Prodeegee(m): 9:16am On Dec 19, 2014
If u like sell mtn, I aint voting for Gej

8 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by dridowu: 9:16am On Dec 19, 2014
Selling selling selling selling selling yet no improvement

6 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by reknownedmarsk(m): 9:16am On Dec 19, 2014
jona y u selling dis tinz na....u wan get money rig election abi ...

we d vigilant nigerians wont allow dah...

lets all be happy...freedom at last...BUHARI/OSIBANJO all d way.
jona nd his wife shud get their bicycle ready...otuoke to abuja no
b small journey o...
BUHARI/OSIBANJO

5 Likes 1 Share

Re: FG Approves Sale Of NITEL/MTEL For $252m by Firefire(m): 9:16am On Dec 19, 2014
kestolove95:
gej knows his leavin next year so his selling evritin very soon he will sell aso-rock..dix man don tire mi nd my unborn children.



Irrelevant, undecided

2 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by Adminisher: 9:16am On Dec 19, 2014
YEAAHHH.
THIS IS DAYLIGHT ROBBERY!!!!!!!!(

2 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by Firefire(m): 9:17am On Dec 19, 2014
Good move to reposition Nigeria...
Re: FG Approves Sale Of NITEL/MTEL For $252m by princetigris(m): 9:17am On Dec 19, 2014
Which way nigeria?

Re: FG Approves Sale Of NITEL/MTEL For $252m by Dabss(m): 9:17am On Dec 19, 2014
I am not sure nitel is even worth $100million.

2 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by kombats: 9:17am On Dec 19, 2014
Finally... But make d money no enter voicemail ooo
Re: FG Approves Sale Of NITEL/MTEL For $252m by Nobody: 9:17am On Dec 19, 2014
Haba! At thiis rate, very soon they willl sell thiss country to china.

1 Like

Re: FG Approves Sale Of NITEL/MTEL For $252m by DesChyko(m): 9:18am On Dec 19, 2014
The sale of this company is overdue.

This is something they should have done long long ago.

Not that it is too late though, but if it isn't bought by an Arab billionaire or a person with patience and viciousness for success, it will be a long time before this company can compete successfully with other established communication giants in the country.

6 Likes

Re: FG Approves Sale Of NITEL/MTEL For $252m by omenka(m): 9:19am On Dec 19, 2014
They should steal and corner government assets into the pockets of their fronts and proxies under the guise of privatisation as time permits. 2015 is just around the corner, all the wrongs will be revisited and justice dispensed accordingly.
Every single penny must be accounted for.
Re: FG Approves Sale Of NITEL/MTEL For $252m by Strongbest(m): 9:19am On Dec 19, 2014
The opportunity I've been waiting for. Who's gonna partner with me? Let's buy NITEL. Lols.

It's well with Naija.
Re: FG Approves Sale Of NITEL/MTEL For $252m by donmalcolm21(m): 9:19am On Dec 19, 2014
I always derive joy when nigeria govt privatise all this elephant assets, it allows the govt to channel scarce resources into. Productive ventures and the money accrued from it will go a long way to cushion the effect of crude oil slide. "This man Gej dey do work wey I take my korkoro eye see" Gej till 2019

1 Like

Re: FG Approves Sale Of NITEL/MTEL For $252m by ellguapo: 9:20am On Dec 19, 2014
Lol is anybody else seeing this ;


The Chairman of NCP’s Technical Committee, Mr Atedo Peterside, told State House correspondents in Abuja that the approval was one of the decisions taken at a meeting of the council presided over by Vice-President Namadi Sambo.


Chai wallahi I'm relifant cheesy

1 Like

Re: FG Approves Sale Of NITEL/MTEL For $252m by EverestdeBliu(m): 9:20am On Dec 19, 2014
Where have they been all this while?...I never knew those duo still exist.
Re: FG Approves Sale Of NITEL/MTEL For $252m by BUSHHUNTER: 9:20am On Dec 19, 2014
Join the Social Media Campaign to SPEAK UP and prove we are not COWARDS.

Is it possible for us to come together once again as we did the last out and this time for a greater cause?
You and I know that it is time to reach the Ekiti State govt and inform them that they are indebted to 2013 Batch C Ekiti State Corp Members.

I would recommend we STRONGLY remind the state government of their balance due to us in case in their gross oversight, they have completely forgotten and labelled us as ZOMBIES (them no go fit do anything).

Quick question mate:
Are you a coward? Are you not interested in proving you have a voice that matters? Are you going to sit there and watch them rob you off your entitlement?

As for me, I am not a zombie or a coward and I have laboured for that money and therefore i deserve my wages.
If so I would suggest we start a trend on social media (Twitter) to be precise and go public with it. A few broadcasts on Whatsapp, Bbm, Facebook and other social channels inviting our colleagues to join up in the trend and we are go to go. FORWARD THIS

I have also done a research and we have a list of handles (usernames) we must mention to make our voices heard and also we need to use a SINGLE hash tag which is: #FayoseMustHear

These are the handles:
Official Username of Governer Ayodele Fayose @GovAyoFayose
Official Username of Ekiti State Government @ekitistategov

Please pass this along and let begin NOW. Even if we ended up not getting paid, AT LEAST WE DARED TO SPEAK UP.

I sign this document by going first and making my contribution. This is my tweet on twitter and many more will follow:

Excuse my manners @GovAyoFayose & @ekitistategov. When are we going to be paid our wages? We deserve it and we have labored #FayoseMustHear

You can search, view and join up the trend by clicking
https://twitter.com/search?q=%23FayoseMustHear

P.S: Please remember to include #FayoseMustHear in your message/tweet.

P.P.S: You can also mention the official usernames of these high profile news agencies and inform them of our plight.
@ChannelsTV_NG
@vanguardngrnews
@pmnewsnigeria

P.P.P.S: Please pass this along even if you are not interested. Other people might be more courageous enough to speak up. We are
not cowards, ARE YOU?
Re: FG Approves Sale Of NITEL/MTEL For $252m by rozayx5(m): 9:22am On Dec 19, 2014
does NITEL still have value?

maybe their real Estate undecided
Re: FG Approves Sale Of NITEL/MTEL For $252m by laurel03(m): 9:22am On Dec 19, 2014
kk we don hear all i know is voting 4 GMB in nxt election... #teamtiredofjona
Re: FG Approves Sale Of NITEL/MTEL For $252m by Ajiswaggs(m): 9:22am On Dec 19, 2014
Oloshi
Re: FG Approves Sale Of NITEL/MTEL For $252m by rozayx5(m): 9:23am On Dec 19, 2014
kestolove95:
gej knows his leavin next year so his selling evritin very soon he will sell aso-rock..dix man don tire mi nd my unborn children.

you have only one vote

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