Connect with us

Hi, what are you looking for?


NATCOM Injects $1Bn in NITEL


The National Telecommunications Commission (NATCOM) are the new owners of Nigerian Telecommunication Limited (NITEL).

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 help set out rolls for broadband users. The company will engage 4,000 employees by March.

Ayeni told House of Representatives Joint Committees on Communication and Privatisation, that his company would begin a phased roll out 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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


Beyoncé’s latest country single, “Texas Hold ‘Em,” has made a remarkable debut, securing the top spot on Billboard’s Hot Country Songs chart. This achievement,...


Renowned former US talk show host Wendy Williams has been diagnosed with primary progressive aphasia and frontotemporal dementia (FTD), her medical team disclosed recently....


  Nigerian singer-songwriter Adekunle Gold ignites his 2024 campaign with the release of a dynamic new single titled ‘The Life I Choose’ under Def...


  Grammy award-winning artist Burna Boy continues to make waves globally, setting a remarkable milestone for Nigerian and African musicians during his recent tour...

Copyright © TVCCommuniation owner of TVC Entertainment