Federal Govt To Revoke Sale of NITEL’s NECOM House – Irregularities Cited

Federal Govt To Revoke Sale of NITEL’s NECOM House – Irregularities Cited

It is never easy for NITEL. There are always problems in that iconic Nigerian institution.

The Federal government has set in motion, a machinery to revoke unauthorized sale of the Nigerian Telecommunications Limited’s assets.

 

Recently, some members of the Board of NITEL specifically kicked against the sale of NECOM house for N4 billion. NECOM House was allegedly sold in 2007 against presidential approval by a liquidator to West African Aluminum products PLC. The 37 story building is said to be worth over N75Billion, but was said to have been hurriedly sold under controversial circumstances to West African Aluminium products PLC.

 

The Government is said to be looking into the issues surrounding the alleged sale and will cancel the sale in response to the board’s view that the sale of NECOM House, a core asset of NITEL, was illegally done and should be overturned.

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