President Muhammadu Buhari has decided to extend his probe beyond the immediate past administration, to probe the former President, Olusengu Obasanjo by ordering the investigation into the sale of Nigeria Telecommunications Company, NITEL.

Buhari who gave the directive while receiving a briefing from officials of the Federal Ministry of Communications Technology led by its Permanent Secretary, Tunji Olaopa wanted to ensure that the country was not short-changed in the sale process.

The President was said to be deeply concerned about the transaction.

In 2006, Obasanjo sold NITEL to Transnational Corporation, otherwise known as Transcorp.

Analysts had stated that the sale of NITEL and its subsidiary MTEL to Transcorp owned by Obasanjo and his cronies buttresses the fact that the so called privatization of public corporations during his administration was a way of enriching very few individuals at the expense of majority and the society in general.

Obasanjo sold NITEL at a ridiculous price of $750million.
Investors International of London Limited , ILL, had, in 2001, emerged as preferred bidder when it offered $1.3billion for 51% of NITEL (MTEL not inclusive) but was denied the purchase on account of delayed payment, a rule that Transcorp also broke but escaped sanction.



While ILL offered $1.3billion for 51% of the Federal Government’ share in NITEL (MTEL not inclusive), Transcorp bought 75% of the Federal Government’s share both in NITEL and its subsidiary for the paltry sum of $750million. See more: http://www.post-nigeria.com/buhari-finally-moves-to-probe-obasanjo/

I hope the information is true but might not be within few hours time.

Superstory

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boboLIL:
Superstory

real superstory

welcome to dream land

Obj you may be going to prison the second time.
You thought pmb will pardon you because you castigated GEJ and his gov.,but unfortunately you trapped yourself,ENJOY THE PROBING.

U sure say dis guy pmb never de pass him boundaries.

If na true niam be say change is really effective .

idiotic thread

Did Obj sell NITEL?

OP, get your fact right!

Who una wan deceive

Nigerians should really thank The Igbo Leaders of Thought for this move.
If GMB carries on this way, I may stop addressing him as Mumu-hammadu in a short while

GMB should also look into the Halliburton scandal and the allegations raised by Orji Uzor Kalu.

If GMB starts showing fairness in the way he carries on, the negative impression about him in the SS and SE will start to dissipate. Igbos are a fair people and will give him justice and cooperation if he dishes out justice to others.
If he embarks on clearly anti-Ijaw policies, then he will be jeopardising his presidency as Igbos may start to undermine his presidency

The old fool wants to probe Nitel, who gives a hoot about nitel? We are all screaming for the probe of more sectors like the power sector under the ugly thief of the South West as well as the halliburton scandal. Old bubu, shove this probe into your ugly a$$

Later baba go slow( pmb) will give the probing factor as an excuse for his inefficiency. He must start the probe from 1960 till 2015

really?

Yinmu! Buhari is scared of Obasanjo so, he won't try it. Obasanjo knows so much in Nigeria...especially Buhari's secrets...

Buhari wants to probe everybody even the cows in his farm are not left out. My question right now is,who will probe Buhari?

ok

We dey watch..

Make una nor provoke OBJ o

I see probes everywhere

Probes everywhere

Everywhere


Enter nigeria and dem go ask you: "ha o probe bu gwo gi?"

This man wan make them impeach am?

Only privatization of NITEL will be probed? That will be disservice to the poor masses of this country.


What about the national library a multi billion Naira project Obasanjo converted to personal property?


What about 16 billion dollars meant for rehabilitation of NEPA with no improvement in power?


Well, I don't even know whether the information is true.

baba go ahead, we are fully at ur back, OBJ must not escape with the ill gotten wealth. He has been going about castigating jonathan s govt. he forgets that his own tenure was worse.

Who that old man think say he dey deceive sef?

Still Reading !!!

I'm disappointed. Some people come to nairaland everyday and are still not conversant with happenings.

It was GEJ that sold Nitel to Tunde Ayeni. The same man that donated 2billion naira towards GEJ'S reelection. This same man that also bought Ibadan electricity distribution company.

The man is also the chairman of Skye bank.

The name of the consortium which he is a major shareholder is NATCOM. They are presently recruiting, so i'll advise some Nairaland peeps looking for work to browse their contact and send in their applications.

agabusta:
I'm disappointed. Some people come to nairaland everyday and are still not conversant with happenings.

It was GEJ that sold Nitel to Tunde Ayeni. The same man that donated 2billion naira towards GEJ'S reelection. This same man that also bought Ibadan electricity distribution company.

The man is also the chairman of Skye bank.

The name of the consortium which he is a major shareholder is NATCOM. They are presently recruiting, so i'll advise some Nairaland peeps looking for work to browse their contact and send in their applications.

Nitel was sold 3 times to 3 different companies, twice under Obasanjo's regime and the last one under GEJ's. The corruption started under Obj when he privatised it.

opeaceo:

Nitel was sold 3 times to 3 different companies, twice under Obasanjo's regime and the last one under GEJ's. The corruption started under Obj when he privatised it.

If it was sold under Obj, and it was sold again under GEJ what does tht imply?? Does it not mean the its sales under Obj was revoked?? Or can the FG resell a property that is not their own again?

So if the sale under Obj has earlier been revoked, so what is there to probe there again??

What they should probe is its last sale under GEJ as it was highly undervalued. And moreso since the sale under Obj has already been revoked.

agabusta:


If it was sold under Obj, and it was sold again under GEJ what does tht imply?? Does it not mean the its sales under Obj was revoked?? Or can the FG resell a property that is not their own again?

So if the sale under Obj has earlier been revoked, so what is there to probe there again??

What they should probe is its last sale under GEJ as it was highly undervalued. And moreso since the sale under Obj has already been revoked.

Haaan, the problem started when it was sold to transcorp, that company grounded Nitel, and that period, most of their workers were laid off, something went wrong, and it would be proper if he starts the probe from the beginning.

At the time Nitel was sold to natcom, the buildings and equipments were deteriorated, hence the low price at which it was sold.