Nitel owner announces ambitious spending plans

17 Oct 2006

Transnational Corporation (Transcorp), the new core investor in Nigerian fixed line operator Nitel, claimed yesterday that it plans to inject over USD1 billion into the telco over the next two years to improve and expand the company’s operations. According to a spokesman for the parent company, quoted by AllAfrica, some of the funds will be used to deploy a large but as yet unspecified number of landlines to homes, offices and tertiary institutions, while the remainder will go on trying to increase the market share of Mtel, Nitel’s wireless arm. The operator has suffered years of neglect and mis-management and is currently unable to pay salaries and allowances to over 10,000 employees.

Nigeria, ntel (formerly NITEL/M-Tel)