Transcorp Shareholder Backs Government On Nitel

President of the Progressive Shareholders Association, Bonniface Okezie, says government was right in taking NITEL away from Transcorp as up until the time it was taken, they had not shown that they could transform the moribund telecom company.

Okezie told M2 that Transcorp lacked the manpower and funds needed to resurrect Nitel, and needed to have sought technical assistance from abroad.

“Since Nitel was their major business investment, they should have taken a foreign technical partner that is knowledgeable in telecommunication to help them,” he said.

“If the the Federal government had seen that Transcorp was serious to revive the company, I don’t think the revocation would have come in,” he added.

Okezie, a shareholder in Transcorp lamented that the share price of the company has dropped drastically from N7 to 50kobo, thereby dashing the huge expectation created only few years ago.