NATCOM Injects $1Bn in NITEL, Begins Operations in March

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.