By Emma Ujah, Abuja Bureau Chief

The Federal Government, yesterday, formerly handed Nigerian Telecommunications Limited, NITEL, and its subsidiary, Mtel to NATCOM Consortium after the full payment of $252,521,000 (about N42.4 billion) bid price to acquire the assets and business units of the nation’s moribund premier telecommunications company.

NATCOM Chairman, Dr. Tunde Ayeni, who received the operational licences of NITEL and Mtel on behalf of his consortium, said the team would work towards investing about $1 billion, with a view to providing Nigerian subscribers standard services.

His words: “The task ahead is enormous. As you know, what we are taking over is the carcass of what used be NITEL/MTEL.

“Advancement in technology has made it imperative for us to start from the scratch in rolling out services; and as you aware, over 130 million subscribers are already in the kitty of the existing service providers.

“With these challenges, you will agree with me that we must hit the ground running and to make a success of this venture, we would be required to raise over $1 billion to inject into the venture.”

Dr. Ayeni, however, expressed optimistism that NATCOM would turn NITEL into a profitable company given his team’s belief in the Nigerian economy.

He said: “If it was about short-term gains, we would not have come into it. With our minds focused on the future and with our resolve to provide first grade services in the areas of voice and data communications to Nigerians through the deployment of the most up-to-date technology, we do not have any doubt that we will become a key player in the market within the shortest possible time.”

He declined to give a specific date for roll-out of the company’s lines, but assured that work had started and that the lines would hit the market within a short time.

He also assured that Nigerians would once more enjoy land lines, which would be a lot cheaper than the mobile lines currently in use.

Mr. Emmanuel Ijewere, who represented the Chairman of the Technical Committee of the National Council on Privatization, Mr. Atedo Peterside, explained that in spite of the liquidation of NITEL/MTEL, their debtors must pay up.

He said: “Those who owe NITEL should not go with the impression it has been liquidated, therefore they are free to forget about their debts.

“All those who owe NITEL owe the liquidator. The liquidator will have to collect the debts because it is that money that will be used to pay NITEL creditors.”