Buhari moves to probe Obasanjo, orders investigation into sale of NITEL

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.
While ILL offered $1.3billion for 51% of the Federal Government’ share in NITEL (MTEL not inclusive), Transcorp bought 75% of the Federal Government’s share both in NITEL and its subsidiary for the paltry sum of $750million.
The Permanent Secretary of the Federal Ministry of Information Further disclosed that Buhari directed him to detail the transaction in a memo and forward that to his office.
“The President was concerned by the quality of service of telecom operators.
“The President is very concerned about the whole issue of privatization that is hindering the investments in ICT infrastructure and that he will personally champion this.
“The President talked about the potentials of the ICT sector in generating employment.
“The President was concerned about the liquidation of NITEL. He is not opposed to its privatization but he wants to know and he wants us to bring a memo on how the whole transaction was undertaken so that he would know whether Nigeria was shortchanged,” he said.
The privatization process for both NITEL and MTEL was completed in April 2015 after the financial bid was opened in October 2014, under President Goodluck Jonathan led administration.
The Federal Government through the National Council on Privatisation, NCP, and the Bureau of Public Enterprises, BPE, handed over the assets of NITEL and its mobile arm, Mobile arm MTEL to NATCOM Consortium.
Despite the clear signs of malpractice in the sale of the state owned telco, many Nigerians remain pessimistic that Buhari will find Obasanjo guilty of any wrongdoing.
This stems from the fact that in his time also, Obasanjo had proved Buhari for his involvement in alleged fraudulent activities during his time as PTDF chair, and found nothing.