Business NATCOM Injects $1bn Into NITEL, Rolls out Operations In March

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LequteMan

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New owners of Nigerian Telecommunication Limited (NITEL) and Mobile Telecommunication Limited (Mtel), NATCOM Development and Investment Limited, is set to roll out operations in March.

According to Mr. Olatunde Ayeni, chairman of NATCOM, the company has spent about $1 billion to revive the beleaguered national carrier.

He said that the funds and other efforts would see the company engage 4,000 employees by March, as it sets to roll out its mobile lines, and 4G/LTE services for broadband users.

The company would begin a phased rollout from Abuja, Lagos and Port Harcourt before expanding to other parts of the country.

He disclosed that the initial financial bid was increased to $252.251 million from $221 million when juxtaposed with the liquidator's reserved price of $256 million.
 

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