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afrol News, 19 February - The government of Nigeria has again quashed the sale of a major privatisation deal approved by the regime of the former President, Olusegun Obasanjo.

After reversing the sale of an oil refinery, the government of Umaru Yar'Adua went ahead to cancel the sale of the state telecommunications company, Nitel to a consortium close to Mr Obasanjo, Transnational Corporation (Transcorp) after it has failed to improve its services.

The government had also cancelled the sale of Nitel's subsidiary mobile phone company, Mtel.

Transcorp, which was established by Mr Obasanjo's business associates, won control over Nitel in 2006.

Mr Obasanjo's regime was accused of mass privatisation of public companies without following proper procedures.

Nigeria's Senate Committee on Communications last year warned against the deterioration of Ntel and Mtel.

It said as the nation's "gateway in the communication sector of the economy," Nitel "must not die."

Transcorp officials said the development comes at a time they are making efforts to revitalise both Ntel and Mtel.

"We are certain of an amicable settlement of this challenge in our favour," Transcorp officials told 'Vanguard'.

Nigerian authorities said the search for a new powerful new investor will soon begin.

By staff writer

© afrol News

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