NITEL meaning in Business ?

Answer:

What is Nigerian Telecommunications Limited mean?

Nigerian Telecommunications Limited, or NITEL, was a monopoly telephone service provider in Nigeria until 1992 when the Nigerian government enacted the Nigerian Communications Commission act allowing new entrants into the telecommunications sector. During and after its years of monopoly, performance of the firm was sub-par, a behavior similar to other state owned enterprises such as NEPA and government owned water corporations. The firm was formed in 1985 as the welding together of two government entities, the telecoms arm of the Post and Telecommunications (P&T) department under the Ministry of Communications and the Nigerian External Communications (NET)

In February 2008 a report by BBC News said that the Nigerian government assumed the transnational corporation did not improve performance of NITEL and therefore stopped privatization in favour of Transcorp. In 2015, the government eventually finalized a transaction that saw NITEL and Mtel's assets to NATCOM. The deal was valued at $252 million.

Another Nigeria Telecom Company (Ntel) was launched In April which took the place of Nitel, Ntel is the newest reincarnation of the now defunct telecoms company, NITEL. The Nigerian government handed over NITEL/Mtel assets over to NATCOM (Ntel's parent company) in a deal worth $252 million last year. In November 2017, Nitel appointed Nate James as vice president of account management.

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