A private firm which has seven local and international companies called NATCOM took over the regulatory management of Nigerian Telecommunications Limited (NITEL) and its mobile segment, (MTEL) as a result of privatization.
While briefing the house committee on the privatization in an investigative public hearing, the chairman of NATCOM, Olatunde Ayeni told members of the committee that the process and requirement of acquiring the two related companies has been met. He then disclosed that the new firm has also started efforts to restore the necessary components that will enhance the operation in a very active and reviving way.
Part of the commitment is to ensure that 10,000 Nigerians are employed into various areas of the operation of the companies. Ayeni added that the renovation of cables and other functioning systems has started by the firm in order to quickly catch up with other players in the competitive market.
In the meantime, the Hon. Saheed Fijabi and his fellow committee members expressed their total satisfaction with NATCOM as the Bureau of Public Enterprises, (BPE) and the Nigerian Communications Commission (NCC) were asked to meet and finalize the whole process.
The outcome of the meeting between the two bodies established that BPE and NCC will be taking care of the indebtedness of NITEL which is not small at this point, various Nigerian reports claim the telecommunications giant was set to liquidate its assets.