By Tony Eluemunor
Last Saturday provided a peek into the anatomy of corruption in Nigeria between 1999 and 2007. Corrupt practices were of epic dimensions and the practitioners were audacious despite President Olusegun Obasanjo and EFCC chairman, Nuhu Ribadu’s advertised anti-graft stance.
Scandalised readers asked what happened to Pentascope after it had ruined NITEL/M-Tel. Answer: Its contract was terminated February 2005, after 20 months; it had paid itself $7, 600, 000 instead of $5, 500, 000; an over-payment of $2,050,000. Then TRANSCORP Plc purchased 51% of NITEL/M-Tel for $500m but the late President Umaru Yar’Adua administration revoked that deal.
Pre-Pentascope NITEL-Mtel earned N1bn monthly and SAT-3 (Satellite arm) raked in N259m. A Senate Committee report said that TRANSCORP took over NITEL in Obasanjo’s time with a syndicated loan from UBA, Union, Skye, Wema and Intercontinental banks on November 14, 2006, but when Yar’Adua cancelled the deal, the loan…
Source: Vanguard Newspaper