Abuja — Contrary to the earlier claim that the sale of the Nigerian Telecommunication Limited (NITEL) had been reversed, only the ownership structure has changed, with Transnational Corporation (Transcorp) Plc, made to shed 41 per cent of its holding.

Confirming this yesterday in Abuja during a question and answer session after receiving the management of Suburban Telecoms, Minister of Information and Communication, Mr. John Odey disclosed that rather than an outright revocation, the configuration of the shareholding was only altered.

Odey said describing the situation as reversal, an expression observers believe could send wrong signals to investors, was only a matter of 'semantics.'

"It is semantics in saying it was a reversal of the sale rather than a re-arrangement of the shares," he stated , adding that the process leading to the reversal was not done by government alone. He however assured that the decision was in the best interest of the telecom sector and the investors as well.

Workers of the Mobile Telecommunication Limited (Mtel), a subsidiary of NITEL, have however protested even the 10 per cent shares allocated to Transcorp,saying while in 2005, the mobile arm generated N13.5billion revenue and N8 billion in 2006, the figure dropped to N97 million in 2007 under Transcorp. Their protest ,yesterday,came as Transcorp recalled a N35million cheque meant for the payment of their January salaries.

Addressing reporters in Abuja ,Chairman, Senior Staff Association of Communications, Transport and Corporation (SSATC), Mtel branch, Mr Suleiman Awallo, said the cheque was posted to a commercial bank in Abuja.

He accused Transcorp of total disregard for due process and labour laws, following the recall,saying Mtel security staff were still being owed six months salary arrears . He demanded that Transcorp must fulfil its obligations as a former core investor in Mtel.