NATCOM Development and Investment Limited, new owners of Nigerian Telecommunication Limited (NITEL) and its sister company, Mobile Telecommunication Limited (Mtel), has reportedly spent about $1 billion to revive the beleaguered national carrier.

Mr. Olatunde Ayeni, chairman of NATCOM, said that the funds and other efforts would see the company engage 4,000 employees by March, as it sets to roll out its mobile lines, and 4G/LTE services for broadband users.

Ayeni told House of Representatives Joint Committees on Communication and Privatisation, that his company would begin a phased rollout from Abuja, Lagos and Port Harcourt before expanding to other parts of the country.

He disclosed that the initial financial bid was increased to $252.251 million from $221 million when juxtaposed with the liquidator's reserved price of $256 million.

NATCOM acquired assets and licences of NITEL and MTEL, percentage interest held in South-Atlantic 3 (SAT-3) consortium, and identifiable assets capable of generating viable business units.

"NATCOM's full submission was duly made to NITEL/MTEL's liquidator and Nigeria's Bureau of Public Enterprises on November 7, 2014. NATCOM's submission was accompanied by a bid bond in the amount of $10 million as stipulated in the liquidator's RFP," he said.

He disclosed that $10 million had been spent on SAT-3 system, quarterly dues to the consortium, system expansion and upgrade since the acquisition, adding that the Nigerian Communications Commission (NCC) had assigned another set of microwave frequency ranges to NATCOM upon request for N176.8 million, computed on the basis of 800 bases station network in the first instance.

NATCOM was requested to pay an additional N6.6 billion to bridge the shortfall of the value of the Naira to the Dollar from N168 to N197, after the payment of the first installment of 30 per cent of the bid price within 14 days of approval by the National Council on Privatisation (NCP) and balance within the 90 days, Ayeni said.

Source www.nigeriacommunicationsweek.com.ng/telecom/natcom-injects-1bn-in-nitel-begins-operations-in-march?utm_source=Verified+List&utm_campaign=b812c38563-January_191_19_2016&utm_medium=email&utm_term=0_a560bb15f8-b812c38563-47939125

Make Una sha start operation make I use LTE, no be all this billion billion dollar wey una de call.

This should create employment which is what Nigeria badly need now. I will advise this coy focus on cheap internet services, this is one gold mine billions can be made.
it can also introduce business range of lines with 01-0100 codes. Wish them the best.

No b November 2015 dem say dem wan start b4 ni? Make dem do quick start nw. Na dia 4G network me dey after

I was ready to port from Mtn till Natcom's promise of Coming online by November failed

Yo people should cut the crap already and bring the damn thing to fruition. Yo guys billed operation for dec2015 and it's '16 now.

Go to sleep and wake up only when you're on air please.

If you don't re-register your mtn sim card hoping to port to this network, then your OYO state. I have heard this before and now. What happend to opening job adverts and interview abi all go begin on March when you must have started operation? Until I see you guys adverts on Nairaland.com, then your not serious

jmichlins:
If you don't re-register your mtn sim card hoping to port to this network, then your OYO state. I have heard this before and now. What happend to opening job adverts and interview abi all go begin on March when you must have started operation? Until I see you guys adverts on Nairaland.com, then your not serious

you are wrong the Job adverts had been on since august last year,am sure they must have closed it since dec last year.it was not advertised @ Nairaland,Infact so many people including me have applied for the job but waiting for any time to be called for test or interview.
Gyarbonka Shakalalaaa.

MrBONE2:
you are wrong the Job adverts had been on since august last year,am sure they must have closed it since dec last year.it was not advertised @ Nairaland,Infact so many people including me have applied for the job but waiting for any time to be called for test or interview.
Gyarbonka Shakalalaaa.

wish you goodluck in the interview and hope they make it this time

I dey here jor

bedford101:
Make Una sha start operation make I use LTE, no be all this billion billion dollar wey una de call.

What gives u the impression that their so called LTE will be faster or even as fast as what etisalat and MTN offer.

Only if 1sec is charged at 1kobo, then It's welcomed.

OK na
Read and share my latest story published on dnb stories yesterday

Yay! Good news.

jmichlins:
If you don't re-register your mtn sim card hoping to port to this network, then your OYO state. I have heard this before and now. What happend to opening job adverts and interview abi all go begin on March when you must have started operation? Until I see you guys adverts on Nairaland.com, then your not serious

How did you know my plan?MTN barred my outgoing calls yesterday so i'm thinking of porting to another network because am tired of them

joke of the century

Go

Dusting my CV asap!

lie too much for this country

Only Lagos, PH and Abuja?


Lmao

Another Visafone

**laughing at those hoping to compete and replace this garbage with MTN**


Whoever goes into business with the hope of defeating another longstanding entrant will shamefully and woefully fail. You go into business because you want PROFIT.

I really pity NATCOM abi na NATGEO. They're being deceived daily, thinking Nigerians will abandon MTN for their package.

This is exactly the same thought CONSAT utilised thinking they'll defeat DSTV.

Too much excuses. They will soon postpone it to March 2017.

Finally.

make i begin fight my oga ooo,bcuz this is an opportunity to get another job.i wil first start from toastin her daughter.

all this talk.... see what nigerians need is a tyrant asin abacha style .... see bah old people in nigeria need to die imagine nigeria without all this old politicans #notcallingnames aswear they need to go #oldpeopleshoulddie

greenhulk:


What gives u the impression that their so called LTE will be faster or even as fast as what etisalat and MTN offer.

You can't compare the speed of 2G to 3G so also you can't compare the speed of 3G to LTE