The National Council on Privatisation, (NCP) has approved the sale of a NITEL/MTEL Property located at number 3-5, Moloney street, Tafawa Balewa Square, Onikan, Lagos 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 Naira only. Meanwhile, the property is presently encumbered by the activities of illegal occupants and the Lagos State Government (LASG)has promised a harmless takeover of the property.
The Council chaired by the Vice President, Prof. Yemi Osinbajo (SAN), granted the approval at its second meeting for 2023 held on Tuesday, February 21, 2023.
It would be recalled that NITEL was incorporated in 1984 but formally commenced operations in 1985 and was jointly owned by the Federal Government of Nigeria (FGN) with 93.3% share and First Bank of Nigeria Plc (FBN) with 6.7%. However, MTEL was established in 1996 out of NITEL to provide cellular services. It started a General System for Mobile communication (GSM) in March 2003 after NITEL transferred its GSM licence it acquired when the Nigerian Communication Commission (NCC) first auctioned Digital Mobile Licences in February 2001.
