Despite moves by certain interests in the political circle to acquire the assets of NITEL and its subsidiary, Mtel, facts emerged that Federal Government still generated the sum of N101.38 billion from the facility of Nigeria Telecommunication Limited (NITEL) which has been in comatose since 2006.

The lawmakers who frowned at the unsuccessful privatisation of the two telecoms companies noted that the proposed sale of NITEL to New Generation at $2.5 billion was stalled because the company  was a portfolio entity with no link with United Arab Emirate as claimed by Nigerian officials adding that the issue was a national embarrassment to Nigeria.
In a swift reaction, members of the joint committee  queried BPE over the N172 billion differential in the
debt profile compiled by both parties, just as they  expressed concern over the unsuccessful six privatisation exercise conducted by BPE.
On her part, Khadijat Bukar Ibrahim, chairman of the committee said "I see no reason why Federal Government cannot put money into NITEL and Mtel and resuscitate it."
From the sum of $3,668,561.70 was generated from Sat-3 submarine cable, $2,855,091.81 remitted in the domiciliary account, $521,990 generated from British Telecoms, $290,230 from cable and wireless services while $1,249.84 was realised from interest.
Bolanle Onagoruwa, director general of Bureau of Public Enterprises (BPE) gave the hint at the opening of the two-day investigative public hearing on the operational activities of Mtel/NITEL present management board; present status of its investment as well as revenue generation from ongoing service rendered to other telecommunication companies in Nigeria held by the joint House privatisation, finance, communications, public procurement and information technology.
She however noted that National Council on Privatisation (NCP) is favourable disposed to adopting 'guided liquidation' against the injection of $1 billion for the re-activation of the two telecoms companies as alternatives.
In her presentation, Onagoruwa argued that the debt profile stood at N354 billion, while IIlyasu-
Sa'ab put the total debt profile at N182 billion out of which NITEL owed N79 billion while Mtel owed N103 billion, stressing that NITEL has no knowledge of the additional N172 billion debt.
She disclosed that the sum of $3,668,561.70 was generated from Sat-3 submarine cable, $2,855,091.81 remitted in the domiciliary account, $521,990 generated from British Telecoms, $290,230 from cable and wireless services while $1,249.84 was realised from interest.
According to her, the companies liabilities include N65,227,595,681 on equipment vendors; N81,711,196,994 on bank claims; N183,403,439,256 for government agencies and N24,504,836,126 for others.

She added that Federal Government raised the sum of N68,248,884,000 through Debt Management Office (DMO) to offset outstanding salaries totaling N54.2 billion leaving a debt profile at N122,448,884,000 with Assets Management Corporation of Nigeria (AMCON).
Speaking earlier, Illyasu-Sa'ad disclosed that the company generated the sum of $5 million is required to maintain Sat-3 yearly, noting that no core investor can take possession of the 7.33 percent share of Sat-3/WASC/SAFE as stated in the agreement signed by the 33 member states, adding that only member state can acquire the share.
She explained that the implementation of some of the expansion programmes was stalled by the privatization exercise, adding that Mtel had 1.4 million subscriber capacity and national geographical 11.57 percent as at 2006, as well as 566 base transceiver stations but noted that Mtel has lost its market share of Mtel.
She disclosed that Mtel is owing banks, contractors and interconnect to the tune of  N79 billion and N45 billion owed by ministries, departments and agencies (MDAs).
Other operational challenges include 'Sale of critical core assets of company like the NECOM house, lease office accomm and sale of NITEL headquarters, Stolen and vadalised equipment, all technical personnel long exited, integration challenges due to multi-vendor, huge debt liability worth N103 billion arising from uncompleted projects, zero revenue in the last five years due to non-operation as well as lack of insurance cover for equipment inspite of case of vandalisation.