FG Revokes Sale of Nitel

The Federal Government yesterday announced the revocation of the sale of Nigerian Telecommu-nications Limited (Nitel) and its mobile subsidiary, M-Tel, to Transnational Corporation (Transcorp) Plc, citing ?breach? of contractual terms. It has also put a stop to further sale of Nitel/M-Tel?s assets and made provision for adequate security to all Nitel/M-Tel facilities to prevent any further asset-stripping until a new investor is found.But Transcorp has kicked against the revocation, hinting at legal tussles that may follow the order.The revocation came at the meeting of the National Council on Privatisation (NCP) presided over by Vice-President Goodluck Jonathan at the Presidential Villa, Abuja.  Briefing State House Correspondents at the end of the meeting, the Minister of State Information and Communications, Alhaji Ikra Bilbis, said the government decision was based on the failure of Transcorp to meet the conditions under the sale of the telecommunications companies.

Something fishy seems to be happening in the telecomms industry