The Nigerian Federal Government, through its agency on privatization, the National Council on Privatization (NCP) headed by the Vice President, Prof. Yemi Osinbajo, has given approval for the sale of a NITEL property to the Lagos State Government. 

 

The sale of the property located on 3-5 Moloney Street, Lagos Island, Lagos is part of the long-term plans to privatize NITEL/MTEL which was approved in February 2012. The organization is being privatized through “guided liquidation” under the guidance of the National Council of Privatization after Strategic Core Investor Sale and Negotiated Sale strategies were unsuccessful. As a result, NITEL and MTEL’s core assets and business undertakings are to be sold to qualified bidders by the Liquidator.

 

The details of the tower’s sale at the cost of N2.5 billion as a non-core asset were provided in a statement released by the council. The approval was granted at the Council’s second meeting of 2023, chaired by Vice President Yemi Osinbajo.

 

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