The money was loaned to NITEL in 2006 to acquire the necessary equipment to continue its telephone operation as a national carrier.
Sambo made the promise when management of the bank paid him a courtesy visit at State House, Abuja.
“The case of NITEL/Mtel is a very unfortunate development; ordinarily it is a company that should be doing well because, if the private sector can do one of the most viable businesses in this country, I see no reason why even with the support from a bank like Ecobank, the company still failed,” said Sambo.
He reiterated the Federal Government’s determination to sell the company, adding that NITEL-Mtel is undergoing the process of privatisation and as soon as this is consummated the Federal Government will offset the huge debts incurred by the company.
Sambo assured the bank that he would discuss the issue with President Goodluck Jonathan as well as meet with the Minister of Finance and the Director General of the Bureau of Public Enterprises “on the need to clear all indebtedness.”
Assuring the Chairman of the bank that government is making everything possible to discourage the recurrence of this type of situation, Sambo commended the bank for participating in infrastructure development in the country.
SIMEON OGOEGBULEM in Abuja, Nigeria
