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Nigeria: Nitel Under Probe
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Leadership (Abuja)
16 May 2008
Posted to the web 16 May 2008
Chamba Simeh
A panel of experts has been set up to probe the crisis-ridden Nigerian Telecommunication (NITEL) Plc with a view to unveiling its real financial status, especially the billing system.
Head of corporate affairs of Transcorp, NITEL's core investor, Mr. Adebayo Ojo, made the disclosure while speaking with LEADERSHIP in Abuja yesterday.
He said the probe became necessary following the report of a preliminary investigation, which showed existence of a cartel that siphons billions of naira from NITEL.
The spokesman further disclosed that the new group managing director of Transcorp, Mr. Tom Iseghohi, had uncovered the syndicate which informed the need for a full- scale probe to determine the extent of damage wreaked on the financial system of the nation's telecommunications giant.
He said the probe panel has 30 days within which to complete its arraingment, adding that during the period no payment or financial transaction would be carried out. He explained that the suspension of financial transactions was a precautionary measure to afford the panel a serene environment to execute its mandate diligently. He, however, stated that normal financial transactions would be restored after the 30-day probe.
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It would be recalled that NITEL's services were recently shut down owing to the inability of its management to pay backlog of salaries and retirement benefits running into billions of naira thereby paralysing the entire communications network, including GSM services in the country.
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