Investors In NITEL Get Assurances

Investors In NITEL Get Assurances

Nigerians and interested foreign investors into the assets of Nigerian Telecommunications Company, NITEL/MTEL have been assured of government's determination to divest interest from the company.

Nigerian Vice President Namadi Sambo said in Abuja that as soon as the process of privatising the company was consummated, government would offset the huge indebtedness incurred.

Vice President Sambo decried the failure of Nigerian Telecommunications Ltd when he received the management team of Ecobank Transnational Incorporation.

The Vice President described the company's failure as an unfortunate development.

He assured the Ecobank management team bank, which had invested N11.7 billion to acquire equipment for NITEL/MTEL in 2006, that the issue of clearing all indebtedness would be discussed among President Goodluck Jonathan, the Minister of Finance and the Director General of the Bureau of Public Enterprises.

The Chairman of the Ecobank, Dr. Sunny Kuku, had called for government intervention to liquidate the debt owed to the bank by NITEL and its subsidiary.

PR/ANO/Yinka