Posted by By Emmanuel Ulayi on
ABUJA - A new twist to the Privatization of Nigeria Telecommunication Limited (NITEL), has unfolded just 24 hours after the acquisition by its new owners.....
ABUJA - A new twist to the Privatization of Nigeria Telecommunication Limited (NITEL), has unfolded just 24 hours after the acquisition by its new owners Transcorp, as fraudulents activities running into billions of Naira have been uncovered at the Abuja headquarters of the organization leading to the sudden resignation of eight of its top management staff.
Meanwhile, NITEL workers yesterday appealed to the Federal Government to clarify what their fate will be under the new owner.
According to a report of the investigative committee set up to probe the use of the Workers Pension Fund mismanagement of a whopping N5.5 billion pension fund was discovered following agitations by workers.
The privatization of the NITEL was concluded last Monday with Transcorp emerging the preferred bidder, acquiring the company for 750 million dollars.
The summary of the report which was forwarded from the office of the Minister of Communications, Chief Cornelius Adebayo to the NITEL management indicted 11 of the management staff for helping themselves to various sums and were recommended for appropriate sanctions including termination of appointments, refund of the amount embezzled, and are to face the Economic and Financial Crime Commission (EFCC).
Top management staff who have offered to resign as at yeaterday, though not among those indicted in the report, include Messrs Tayo Olanrewaju, DGM (CC), S. Edasefiema, SM (L), M.B Shehu, DGM(Bac), Wash Nwachukwu, DGM (S.I), A. Tijani, DGM(Project), H. Yar'Adua, CFO, A. Shamswna, H(HR&SC) and Mrs Z.M Rasheed, CMO.
In the report which was signed by the Special Assistant (Technical) to the Minister, Engineer T. S Oyeyipo, the indicted officers were alleged to have used not less than 63 banks and Discount houses in the fraudulent transactions with the NITEL Staff Pension Fund (NSPF).
As at December 2005, the report disclosed, the NSPF invested N4.899billion in various banks in which N1.489 billion is trapped in distressed banks while a total of N372.101 million could not be accounted for. Yet a sum of N117.138 million investment and placement in Kakawa Discount House Limited (N57.858 million) and Associated Discount House Limited (N24.279 million) could not be traced.