See also:
» 20.01.2010 - Legislators reject motion to probe mass sackings
» 05.01.2010 - Nigeria’s Central Bank refutes sack order reports
» 15.12.2009 - Local NGO denounces deregulation law
» 10.12.2009 - Efforts intensify to fight malaria in Kenya and Nigeria
» 25.11.2009 - Nigerian cyber fraudster in court
» 18.11.2009 - Nigerian fishermen flee Bakassi Peninsula
» 10.11.2009 - Former NPA chief denied bail
» 16.10.2009 - Gabon and Nigeria elected to UN Security Council

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Economy - Development | Politics | Technology

Nigeria cancels privatisation

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.

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