The Asset Management Corporation of Nigeria has reaffirmed plans to divest its interests in the telecommunications sector, saying it is repositioning NTEL/NATCOM to attract strategic investors while reporting stronger debt recoveries in the first half of the year.
Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, disclosed this during an interactive session with senior media executives in Lagos at the weekend.
Alade said that following the successful divestment of the Ibadan Electricity Distribution Company, the corporation had commenced a transparent and structured process to divest its interests in the telecommunications sector.
According to him, NTEL, the successor company to the former Nigerian Telecommunications Limited, has embarked on a three-pronged transformation strategy aimed at repositioning the company as an attractive investment destination for world-class investors.
He said the transformation represents a major milestone in the revitalisation of the legacy NITEL assets. “The repositioning effort is designed to maximise value,
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