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Buhari Demands for a Comprehensive Report on Sale of NITEL

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Nigeria President, Muhammadu Buhari has asked the Ministry of Communications Technology to provide  a detailed report on how Nigeria Telecommunications Limited (NITEL) as well as Nigeria Mobile Telecommunication (MTEL) was sold.

Mr. President demanded for the report on Tuesday in Abuja, the capital territory of Nigeria while briefing Dr. Tunji Olaopa, the Permanent Secretary of the Ministry.

It could be recalled that the privatization of NITEL and MTEL was approved by the National Council on Privatisation (NCP) following its meeting held on 27th of February 2012 and which was chaired by Vice President Namadi Sambo.

NATCOM Consortium’s bid was accepted and the company paid $252 million for the purchase of NITEL and MTEL on April 2, 2015.

Buhari said that his concern in the privatization process and transaction stemmed from the outcry of the populace and employees of the former NITEL and MTEL in the manner in which the transaction was carried out.

Mr. President also asked the ministry to provide him with all pending proposals for Nigerian IT sector development which should be approved by Federal Executive Council (FEC) for review and approval.

However, the President allowed the ministry to continue with all proposals and processes that did not require the approval of EXCO insofar as no breach of law will occur and no loss will be incurred.

The President said that his administration would look at other revenue generation avenues given the fall in oil price.

Mr. President also expressed his happiness with the plan of the ministry to utilize the post offices all over the country for IT transactions as well as other financial transactions. He said that his government would revive the post offices.

The Permanent Secretary of the ministry while talking about the sector said that 10 percent of the Gross Domestic Product of the country was obtained from the sector. This according to him can increase to 20% if some of the proposed endorsed and executed.