Skye Bank Chairman, others take over NITEL, MTEL

The Federal Government has reportedly concluded plans to sell the Moribund Nigerian Telecommunications Limited (NITEL) and its mobile subsidiary, Mobile Telecommunications (MTEL) to a consortium run by Skye Bank’s chairman, Olatunde Ayeni, the founder of Sahara Energy, Tonye Cole, and two other companies for $242.3 million (about N42.4 billion).

Reports say the consortium, NATCOM Telecommunications, is expected to take over the companies once they pay the money. 

Premium Times reports that NATCOM is made up of seven firms - NATSPACE Telecommunication Investment Limited, PCCW Global Limited, Prime Union Investment Limited, Olutoyi Estate Development & Services Limited, Legal Resources Alliance & Co., Sahara Energy Resources Limited, and LM Ericsson Nigeria Limited.

The news website states authoritatively that three of the seven firms are owned by Skye Bank’s Ayeni.

According to the exclusive report,

He is the founder and operator of Prime Union Investment Limited, Olutoyi Estate Development & Services Limited, and Legal Resources Alliance & Co. There are suggestions that he has link with NATSPACE but PREMIUM TIMES is unable to independently verify that as at the time of publishing this report.

Mr. Ayeni is leading NATCOM in its acquisition of NITEL/MTEL less than two months after he similarly led Skye Bank to buy Mainstreet Bank from the Assets Management Company of Nigeria, for N120 billion.

In 2013, Mr. Ayeni was the chief promoter of Integrated Energy Distribution and Marketing Company Limited, a group that eventually bought the Ibadan and Yola electricity Distribution Companies, DISCOs.

Mr. Cole is the owner of Sahara Energy, while LM Ericsson is a subsidiary of Swedish group, Ericsson.

NATCOM, which merges the seven firms, appears to a new corporate entity created solely for the purchase of NITEL/MTEL. Very little is known about the consortium.

If the group pays the agreed N42.4 billion to the government, it would be a successful sale that comes after four failed attempts by the Nigerian government to dispose of NITEL.