The National Council for Privatization (NCP) has approved the sale of the NITEL/MTEL property located at 3-5 Molony Street, Tafawa Balewa Square in Onikan, Lagos.
This was stated in a statement issued on Friday by Chidi Ebe, Head of Public Communications, Public Companies Bureau (BPE).
The property was one of the properties offered for sale by the non-core asset liquidator NITEL/MTEL at a cost of N2.5 billion.
“The property is currently encumbered by the activities of illegal occupants and the Lagos State Government has promised to take possession of the property harmlessly.”
Ibe noted that the National Congress Party, headed by Vice President Yemi Osinbajo, gave the approval at its second meeting of 2023 on Tuesday.
The spokesperson indicated that the National Congress Party, in its meeting on February 27, 2012, agreed to privatize NITEL and MTEL companies through a “directed liquidation”.
In the course of the liquidation, all of the underlying assets and business undertakings of NITEL and MTEL were sold off as single or multiple shares.
The Board considered the failed attempt to privatize NITEL and MTEL through negotiated sales strategies and huge commitments worth more than NITEL 300 billion.
Sale of NITEL-MTEL property in Onikan to Lagos Government – BPE
