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nairaland.net • View topic - NITEL going the way of Nigeria Airways - DG

NITEL going the way of Nigeria Airways - DG

NITEL going the way of Nigeria Airways - DG

Postby Richard Akindele » Tue Apr 04, 2006 5:44 pm

The director-general of the Bureau for Public Enterprises (BPE), Mrs Irene Chigbue, has raised alarm that NITEL is gradually going the way of the liquidated Nigerian Airways which was sold as ``a dead dog waiting to be buried.'' ``If we do nothing quickly about NITEL, it may go the way of the Nigerian Airways as it is on the verge of death,'' Chigbue said in Ikeja on Monday.

Nigerian Airways, established in 1961 as a wholly owned Nigerian national carrier, became the largest airline in the 1970s and early 80s, but had by 2002, accumulated a debt of N52 billion leading to its subsequent liquidation.


Chigbue said that it was unfortunate that NITEL was like the former national carrier as it is currently in huge debt and with its value diminishing by the day due to the licensing of more telecommunications operators.


She said: ``people don't even know the value of NITEL today and many think that it is worth many billions,'' adding, that its market share was not even significant. Chigbue, however, said that the BPE would by May do
something definite in relation with NITEL, explaining that it would be better to sell it ``alive'' than in the state the Nigeria Airways was sold.

Speaking at the handing over of the Nigeria Airways headquarters and hangar among other facilities to Ojemai Investments limited, a sister company of Arik Air Limited, she recalled the process of liquidating Nigeria Airways.


She said that the BPE, acting on behalf of the National Council on Privatisation, had evaluated the Nigeria Airways and recommended it for winding up by court, after which Mr Ade Babington Ashaye won the bid as the liquidator. Chigbue commended Ashaye for the professional manner in which the firm had handled the liquidation of the former Airways.
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