The federal government of Nigeria has approved the adoption of a guided liquidation strategy for ailing fixed line incumbent Nigeria Telecommunications (NITEL) and its mobile arm M-Tel. The move follows a series of failed attempts at selling the indebted state-owned telco. Local newspaper THISDAY reports that the Bureau of Public Enterprises (BPE), the agency tasked with overseeing the privatisation of NITEL, has announced that the National Council on Privatisation (NCP), during its first meeting for 2012, endorsed the recommendations that ‘guided liquidation’ should be adopted as the strategy for the privatisation of NITEL and its wireless arm, considering the large liabilities of both companies.
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OVETEL Nigeria gives go-ahead for NITEL liquidation
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