Transcorp takes control of NITEL and M-Tel

15 Nov 2006

Nigerian Mobile Telecommunications (NITEL) and its subsidiary Nigerian Mobile Telecommunications (M-Tel) have finally been privatised, at the fourth attempt. The Bureau of Public Enterprises (BPE) formally handed the company to its new owners Transcorp. Messrs Steve Brookman and John Weyr, on secondment from UK incumbent BT, have been installed as managing directors of NITEL and M-Tel respectively. Within the first six months, Transcorp is expected to restore revenues to around NGN2 billion (USD16.3 million) a month, the level enjoyed towards the end of 2005, and also retain the customer base and keep costs contained. Transcorp has already indicated its readiness to invest around a billion US dollars over the next two years to revamp the ailing incumbent. Transcorp’s bid, in partnership with BT and the UAE incumbent Etisalat, was worth USD750 million, for which it will receive 75% of NITEL/M-Tel.

Nigeria, ntel (formerly NITEL/M-Tel)