President Muhammadu Buhari has decided to extend his probe beyond the immediate past administration, to probe the former President, Olusengu Obasanjo by ordering the investigation into the sale of Nigeria Telecommunications Company, NITEL.
Buhari who gave the directive while receiving a briefing from officials of the Federal Ministry of Communications Technology led by its Permanent Secretary, Tunji Olaopa wanted to ensure that the country was not short-changed in the sale process.
The President was said to be deeply concerned about the transaction.
In 2006, Obasanjo sold NITEL to Transnational Corporation, otherwise known as Transcorp.
Analysts had stated that the sale of NITEL and its subsidiary MTEL to Transcorp owned by Obasanjo and his cronies buttresses the fact that the so called privatization of public corporations during his administration was a way of enriching very few individuals at the expense of majority and the society in general.
Obasanjo sold NITEL at a ridiculous price of $750million.Investors International of London Limited , ILL, had, in 2001, emerged as preferred bidder when it offered $1.3billion for 51% of NITEL (MTEL not inclusive) but was denied the purchase on account of delayed payment, a rule that Transcorp also broke but escaped sanction.
Source:Daily Post
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