Nigerian Government Announces Sale of NITEL Properties, Kick Off Plan To Sell Also NIPOST
- The Nigerian government has finally concluded plan to sale NITEL properties located in Lagos
- The National Council on Privatisation (NCP) granted the approval and now expecting to make N2.5 billion
- Also, plans have commenced for the sale of NIPOST, and President Yemi Osinbajo who is chairing the privitation committee has already approved
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The Nigerian government, led by President Muhammadu Buhari, has authorized the sale of an NITEL/MTEL property to the Lagos State Government, located at No. 3-5, Moloney Street, Tafawa Balewa Square, Onikan, Lagos.
The authorisation was given by the National Council on Privatisation (NCP), chaired by Vice President Yemi Osinbajo, at its second meeting for 2023, held on Tuesday, February 21, 2023.
According to Punch, a statement by the Bureau of Public Enterprises (BPE) on Friday said the property was one of those listed for sale by the liquidator of NITEL/MTEL Non-Core assets at the cost of N2.5 billion.
Source: Facebook
The Nigerian government aims to monetize its assets and generate revenue to fund the country's infrastructure projects through the sale of these properties, Dailytrust reports.
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Background of NITEL
NITEL was founded in 1984 but legally began operations in 1985, with the Federal Government of Nigeria owning 93.3% and First Bank of Nigeria Plc owning 6.7%.
MTEL, which arose from NITEL in 1996, supplied cellular services and launched a General System for Mobile Communication (GSM) in March 2003.
NITEL transferred its GSM license, which it obtained in February 2000 when the Nigerian Communication Commission (NCC) first auctioned Digital Mobile Licences.
NIPOST also for sale
In a similar report, the federal government has begun verification exercise for the sale of NIPOST Properties.
The NCP on Thursday, 23 February, 2023 have selected nine firms to carry out a nationwide verification of NIPOST Properties & Development Company Limited.
The firms are to provide proposals for carrying out the assignment based on validating the titles of the properties, determining the ownership status of the properties, and providing any additional information that will enhance the audit of the properties.
The firms are divided into the six geo-political zones of the country.
After 46 years, NNPC ends operation as a govt corporation
Meanwhile in another report, the Nigerian National Petroleum Corporation (NNPC) has ended its operations as a government corporation.
46 years ago the NNPC was established to oversee the country's oil and gas industry as a regulator.
NNPC is now officially NNPC limited liability company and will seek to commercialise its operation for the future.
Source: Legit.ng
